BINGHAMTON, NY (WIVT/WBGH) – The Mayor of Binghamton, Jared Kraham proposed his 2024 budget during a council meeting at City Hall.

Kraham says that next year’s proposed budget addresses fiscal challenges such as increased personnel costs in public safety, a hike in the State’s police and fire retirement rates, and higher municipal interest rates.

He says that the budget will invest more than $9 million in infrastructure upgrades such as streets, sidewalks, water and sewer lines.

Overall, Kraham’s proposed budget is $99.4 million and taxes would increase by 1.7 %.

Binghamton Mayor Jared Kraham says, “In 2024, Binghamton will be building a solid financial foundation and the path forward to win the future. That’s not hyperbole. The decisions and values in this budget represent really what’s important. Infrastructure, housing, safer neighborhoods. Build, build, build.”

Kraham was excited to announce that for the first time in the city’s history, next year’s budget will include revenue from adult-use cannabis sales.

Just Breathe Dispensary opened downtown earlier this year, and the city says that in its first seven months, it has brought in over $2.6 million dollars in sales.

To see a detailed outline of the proposed budget, visit Binghamton-NY.gov.