Yonkers Mayor Mike Spano released his vision for the future of the state's third-largest city during his annual budget proposal address.

The mayor struck a serious tone as he prepares the city for what he calls a difficult fiscal road ahead due to gaps in state funding, lower-than-expected projected revenues and inflation.

The $1.4 billion budget proposal commits more than $700 million to education - the most ever - while not making any cuts to city services or its workforce.

The plan also includes a 2.95% increase in property taxes, which the mayor says falls within the state's mandated cap.

Spano said this budget takes a look at the big picture for where Yonkers is heading.

"We believe that this budget sets us up for future budgets and strikes a balance," said Spano.

The mayor's latest budget proposal comes as he faces an attempt to win back his seat for an unprecedented fourth term later this year.

The city's fiscal year begins on July 1, three days after the mayor is expected to face a big June primary heading into the November election.