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The committee advanced Local Law N of 2026 with a positive recommendation and advanced Local Law L of 2026 with a favorable recommendation pending amendments. Officials said the exemption under Local Law N could cover approximately $6 million in property and increase other taxpayers’ burden by about $0.01 per $1,000, with no fiscal impact on the City. The committee also discussed possible tax levy limit override legislation for the Fiscal Year 2027 budget, but took no final action on it.
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Local Law N moved forward after officials estimated that its exemption would shift a small amount of cost to other property taxpayers. Local Law L would update the City’s financial reporting rules, including quarterly reporting on grants and interim finances; it is expected to receive amendments at the July 6 regular meeting. The committee also began shaping priorities for the 2027 budget, including possible additional revenue through a tax levy limit override, but no override was approved at this meeting.
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