Yonkers Mayor Mike Spano released a statement today hailing state lawmakers for striking a deal on legislation to create a financial restructuring board for local governments and reform the binding arbitration process.
Spano, whose city faces a yawning budget deficit in the years ahead, said: “New York’s cities have long fueled the economic growth of our state, but today our cities are at a fiscal crossroads. I commend Governor Cuomo for taking a proactive approach in leading us along the road toward stability.
“This agreement provides tools for local governments to better address the structural financial challenges facing municipalities, taking into account taxpayer’s ability to pay in cases of binding arbitration, which is a critical component of this legislation.
“Our cities helped build our state once before and I confident that through our continued partnership with the Governor, State legislative leaders and our labor leaders, our cities will be the driving force behind its growth once again.”