Noting that the city instituted cuts and exhausted all itsresources to bridge an $85-million budget deficit this year, hesaid that in 2009 "there will be no major elixir to save us." Themayor blamed an inequitable state education funding formula thatdramatically shortchanges the city's school system each year. MayorAmicone said that if there are no changes to the school fundingformula, the city faces the prospect of laying off hundreds of cityworkers, including teachers, police officers and firefighters nextyear.

"The implications of the recent trouble in the financial sectorwhen coupled with the persistent inequities inherent in the stateeducation funding formula for Yonkers, have placed our city, ourschool district--all that we've accomplished and all that we hopeto--in serious jeopardy," he said. "So the state of our city, muchlike many others, is very much at a crossroads. The decisions wemake in response to the challenges ahead will determine whetherYonkers continues its transformation into the great city I believeit is our destiny to become, or slips backward into the past." Henoted that currently before the city is a total of approximately $5billion in development projects, including a $1.5-billionwaterfront revitalization proposal that is nearing the final stagesof the approval process.

The mayor noting the economic downturn that has taken holdnationally and in the region urged the City Council "to moveforward as quickly as possible in approving these criticalprojects." In reaction to a 24% increase in Westchester Countytaxes imposed on Yonkers residents this year, Mayor Amicone said hewill submit a resolution to the City Council calling for acountywide reassessment of properties.