Okay, so the city officials (especially in the Sullivan administration) did their jobs by controlling spending, thereby resulting in about $15 million savings of the funds paid by property owners.  Along comes the new administration and an assembly decidedly in a "let's spend" mode.  Thus, they raise property taxes, decide that the excess funds (after all, it's now THEIR money) be allocated to certain charities, and that a portion of the excess MIGHT be given back (but not in the same allocation as was paid originally by the taxpayers--only the first $300,000 valuation).
This is only the start of how the mayor and assembly are going to view their roles in the spending of tax money.  And it's just a start!