Buffalo Mayor Scales Back Borrowing Request After Pushback

Ryan reduces initial $500M bonding plan to $46M amid budget challenges and criticism from Assembly Majority Leader Peoples-Stokes.

Apr. 7, 2026 at 3:57pm

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A photorealistic painting of a government building in Buffalo, New York, with warm sunlight casting deep shadows across the facade, conveying a sense of quiet contemplation and civic responsibility.Amid budget challenges, Buffalo's city government grapples with tough fiscal decisions that will shape the community's future.Buffalo Today

Buffalo Mayor Sean Ryan has reduced his initial request to borrow up to $500 million over the next four years through the Buffalo Fiscal Stability Authority (BFSA). In response to criticism from Assembly Majority Leader Crystal Peoples-Stokes, Ryan has now asked to bond only $46 million to offset the sale of city-owned parking ramps. The mayor also confirmed the city's proposed 2026-2027 budget will total around $700 million, up from $622 million the previous year, citing the need to address a structural deficit.

Why it matters

The budget negotiations between Mayor Ryan and Assembly Majority Leader Peoples-Stokes highlight the ongoing fiscal challenges facing the city of Buffalo. The mayor's scaled-back borrowing request and proposed property tax increase reflect the need to balance the city's books, but have drawn criticism from state leadership who are wary of overburdening taxpayers amid broader economic pressures.

The details

In his initial proposal, Mayor Ryan suggested the city would borrow as much as $500 million over four years, not only to offset the sale of city-owned parking ramps, but also to cover other capital bonding projects held up in litigation. However, in his response to Majority Leader Peoples-Stokes, Ryan has reduced that request substantially, now asking to bond only $46 million through the BFSA. The mayor argues this will save taxpayers money compared to borrowing through the Parking Authority. Ryan also confirmed the proposed 2026-2027 budget will total around $700 million, up from $622 million the previous year, citing the need to address a structural deficit. To balance the budget, the mayor has proposed a 25% property tax increase, though he notes most homeowners would see a monthly increase of less than $15.

  • Mayor Ryan submitted his initial $500 million borrowing request earlier this year.
  • On April 7, 2026, Mayor Ryan responded to a letter from Assembly Majority Leader Peoples-Stokes criticizing the borrowing plan.

The players

Sean Ryan

The mayor of Buffalo, New York, who has proposed a $700 million city budget for 2026-2027 and an initial $500 million borrowing plan, which he has since scaled back to $46 million.

Crystal Peoples-Stokes

The Assembly Majority Leader in New York, who has been critical of Mayor Ryan's borrowing plans and proposed property tax increase, citing the burden on Buffalo residents.

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What they’re saying

“A term-sheet analysis shows that borrowing through the BFSA instead of the Parking Authority will save taxpayers a considerable amount of money.”

— Sean Ryan, Mayor of Buffalo

“Buffalo has had a structural deficit for years. Through various revenue raisers and efficiencies, we believe we can get the $109 million budget gap in 2026-2027 down to approximately $46.1 million. This would necessitate a 25% levy increase in order to balance the budget.”

— Sean Ryan, Mayor of Buffalo

“We project that roughly 20% of homeowners in Buffalo will see a monthly tax increase of less than $15. That increase will be much lower for homeowners with homes assessed well under $100,000 and those who take advantage of any of the many exemptions available to senior, low-income, disabled, and veteran residents.”

— Sean Ryan, Mayor of Buffalo

What’s next

The Buffalo Common Council will need to approve Mayor Ryan's proposed budget and borrowing plan. Majority Leader Peoples-Stokes has indicated she will not support legislation allowing the city to borrow through the BFSA unless it triggers a hard control status, setting up potential further negotiations.

The takeaway

The budget battle between Mayor Ryan and Assembly Majority Leader Peoples-Stokes underscores the difficult fiscal realities facing Buffalo, with the mayor seeking to address a structural deficit through borrowing and tax increases, while state leadership pushes back on overburdening taxpayers. The outcome of these negotiations will have significant implications for the city's financial future.