The City of Binghamton's new financial plan includes a .25% tax cut for residential properties and a .84% reduction in the tax on commercial properties.

City Council has unanimously approved Mayor Richard David’s $92.1 budget that also plans an increase in its reserve funds by about double from 2014 to $17.5 million.  The budget also includes $5.6 million in infrastructure work.

Council members did not make any charges to the Republican Mayor’s proposed budget.

Mayor David says the tax reduction is the first for residents since 1998.