The city's finance department released it's mid-year financial report this week detailing expense and revenue projections through the first two quarters of Fiscal Year 2010 (July - December 2009). Yonkers' fiscal year runs from July to June across calendar years.

Although not nearly as dire as financial projections released this time last year, the data does project a $3.4 million dollar deficit at the end of the fiscal year due primarily to laggind revenues caused by the ongoing global financial crisis.

The report prompted Mayor Phil Amicone to prepare contingency plans across all departments in case budget cuts are necessary before the end of the fiscal year.

"I am reluctant to enact any mid-year budget cuts because that would mean fewer services for the people of Yonkers. However, I am mindful of our responsibsilty to the taxpayers and we will do what is necessary to keep the city financially solvent. We've made tough choices and sacrifices before, and we will make them again if we have to," Amicone said.

Finance Commissioner James LaPerche dilivered the report tot the City Council on Tuesday night.

The finacial report can be viewed and downloaded here.

Additional financial data is available for download here.