YONKERS, NY — June 24, 2020 — Twelve municipalities in the State of New York will need to await what is known as AIM, that is aid to municipalities. The shortfall for the City of Yonkers were it to be ameliorated on the back of the taxpayer would require a surcharge of approximately 6 percent.
The impact of the shortfall will come into affect this FY2020-2021 posing a serious cash-flow concern. Additionally, the withholding of AIM funding will make paying of essential services a challenge. The other concern is that there is no assurance that the Federal government will reimburse New York State before the end of President Trump first term in office expires this year, or if the president will reimburse New York State should he be re-elected for a second term. Were Joe Biden to win this year’s presidential election how soon before the Biden Administration will be able to focus on this specific outstanding IOU reimbursement. President Trump has not been too pleased with Governor Andrew Cuomo.
While other affected municipalities have declared the financial position with which they find themselves, exacerbated as it has been by the COVID-19 Pandemic. The City of Yonkers has issued no such notice neither from the office of Mayor Mike Spano, nor from Yonkers Finance Commissioner John Liszewski.
The anticipated AIM funding should have been disbursed in this quarter. This is pertinent because this is also the last time any municipality has to adjust their allocation of spending for the balance of the year.