City of Utica financial outlook downgraded

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Roefaro worse mayor ever

Cortland, NY

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#1
Dec 29, 2012
 

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Yep, four years of Roefaro and rubber stamp council&company empting all of Utica's reserve and waterboard funds coupled with huge raises and padded contracts for public safety doom Utica taxpayers which will be paying a 10% perrenial forever.

For the fourth time this year, a Wall Street credit agency has downgraded its view of the city’s financial future.
According to a news release, Standard & Poor’s Rating Services revised its view of the city’s finances from stable to negative, but affirmed its BBB+ long-term rating
Roefaro worse mayor ever

Cortland, NY

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Dec 29, 2012
 

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UTICA — For the fourth time this year, a Wall Street credit agency has downgraded its view of the city’s financial future.

According to a news release, Standard & Poor’s Rating Services revised its view of the city’s finances from stable to negative, but affirmed its BBB+ long-term rating.

The decision is based on the agency’s assessment of the city’s use of reserves, recent borrowing and draining of the water trust fund.

The rating was the result of routine surveillance of the city’s finances, said Comptroller Michael Cerminaro.

“The negative outlook is telling us that they’re giving us the time to produce a stable and realistic budget,” he said.“The mayor got the point across that we are working toward building a funding balance and replenishing our reserves.”

If the city continues to draw down on its reserves, its bond rating could be lowered.

The rating reflects the agency’s opinion that the city does show signs of economic development activity but also faces continued pressure from rising employee benefit and pension costs.

“The city continues to face significant fiscal challenges, and despite recent layoffs in fiscal 2013, actions to date have not been sufficient to offset structural imbalances,” said Standard & Poor’s credit analyst Danielle Leonardis in the release.

Moody’s Investor Service downgraded the city’s outlook in February and then again in May. That month, Fitch Ratings also lowered the city’s bond rating two notches from A- to BBB, and assigned it a stable
Roefaro worse mayor ever

Cortland, NY

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Dec 29, 2012
 

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The mayor got the point across that we are working toward building a funding balance and replenishing our reserves.

LOL. The only way this administration can build a fund balance and replenish reserves is a major tax hike. Utica is a month or so away from another big tax increase.
Just wait for the excuses:
Winter storm
rising pension costs
rising health benefit costs
less money from the State
lost CDBG monies
Unions would not negotiate

The excuses and tax increases are both on the way.
Mova

A historic FOUR downgrades in the first year of this new council and mayor! That truly is progress. I couldn't manage that if I tried. Yet they're still in denial.

'The city continues to face significant fiscal challenges, and despite recent layoffs in fiscal 2013, actions to date have not been sufficient to offset structural imbalances'.

Basically, they're saying what I said at last year's budget hearings: the budget never addressed the longterm issues the city faces. And it will only be worse this year. Until someone pulls the bandaid off, it is over. Does this council and mayor really want to be the ones that go down in history as the names that were responsible for the city going bankrupt and/or the state control board taking over? What an accomplishment.
dougjoslin



There is a 2 % property tax cap. The mayor needs to present a budget that does not increase the taxes by more than 2 %. This is very possible. County Executive Anthony Pacenty has done this two years in a row. The school board did this last year and I hope they can do it again this year. You raised my taxes 10 % last year. The common council let you increase my taxes by 10 % last year. I know that you intend to raise my taxes at least 10 % this year. How many council members will allow you to do this again?
How many times can you dig into my pocket to pay for spending that we cannot afford. Cut spending. Do the right thing. Open up budget negotiations to get those involved who can solve our problems. If you dont, our bond rating will continue to decline. Our borrowing costs will continue to rise. Our best will continue to leave for places that are more affordable.

dougjoslin



And don't borrow money to build a fund balance and replenish reserves. That is not what Standard and Poors Rating Service or Moody's Investor Services wants to see. They will downgrade us again and our borrowing costs will go up.
robtombud24



The city of Utica is still doing business like it did 30 years ago. Those days are over, Finished. Kaput. We have a Mayor who doesn't have a clue. Never did. Never will. Through a series of mis-steps and political blundering, he snuck into office. Now, we see what happens when a Mayor with extreme hubris, paired with a limited intellect and lack of vision, can do to an entire community.
I say Mova, let the control board come in! It cannot be any worse than this!
Roefaro worse mayor ever

Cortland, NY

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#4
Dec 29, 2012
 

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Everyone at city hall for four years watched Roefaro rob, rape and pillage Utica's finances and feed the UPD&UFD millions of dollars in benny's and not one stopped his ruination of Utica and it's taxpayers. Every rubberstamp council member and Roefaro should be ashamed of theirselves. Taxpayers should feel helpless and hopeless as there is no way out of this financial crisis created by them.
Snowman

New Hartford, NY

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#5
Dec 29, 2012
 

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Why hasen't the mayor called for an investigation of Roefaro's robbing of the city funds.
Uticapride

Utica, NY

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#6
Dec 29, 2012
 

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Utica is going in the right direction under the new mayor. When is the last time a mayor has made a major cut in staff as Palmieri did in 2012. How long did the Bossert site sit vacant? How long was the Harza building sitting vacant now investment by a local businessman and Utica College. Not to mention the Cosmo center will now be back on the tax rolls. The harbor Holiday inn new hotel,its not a dream. Pinch yourself development is happening. Why do you think all this investment is going on? Because something big is about to happen. How many cities in the northeast and Midwest have seen there populations go up since the last census? Utica,NY has. A new wave of Americans are coming to Utica NY. Hard workers!
Roefaro worse mayor ever

Cortland, NY

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Dec 29, 2012
 

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Uticapride wrote:
Utica is going in the right direction under the new mayor. When is the last time a mayor has made a major cut in staff as Palmieri did in 2012. How long did the Bossert site sit vacant? How long was the Harza building sitting vacant now investment by a local businessman and Utica College. Not to mention the Cosmo center will now be back on the tax rolls. The harbor Holiday inn new hotel,its not a dream. Pinch yourself development is happening. Why do you think all this investment is going on? Because something big is about to happen. How many cities in the northeast and Midwest have seen there populations go up since the last census? Utica,NY has. A new wave of Americans are coming to Utica NY. Hard workers!
Yes, alot of things are going on in Utica but it is not bringing in any new revenues. Yes, the new wave of refugee americans are growing to fill vacating homeowners houses but the only BIG thing going on in Utica is the LOOTING of taxpayers reserves and bank accounts now that they tapped out every single city account.
name it

Utica, NY

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#8
Dec 29, 2012
 
Roefaro worse mayor ever wrote:
Yep, four years of Roefaro and rubber stamp council&company empting all of Utica's reserve and waterboard funds coupled with huge raises and padded contracts for public safety doom Utica taxpayers which will be paying a 10% perrenial forever.
For the fourth time this year, a Wall Street credit agency has downgraded its view of the city’s financial future.
According to a news release, Standard & Poor’s Rating Services revised its view of the city’s finances from stable to negative, but affirmed its BBB+ long-term rating
when you use the same topic post as the utica od its plagiarism and you can be sued for useing the same post its their story not yours
sorry donnie

United States

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#9
Dec 29, 2012
 

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Palmeri made zero cuts. He gave promotions and hired more. We aren,t stupid. Palmeri is Roefaro all over again.
Uticapride wrote:
Utica is going in the right direction under the new mayor. When is the last time a mayor has made a major cut in staff as Palmieri did in 2012. How long did the Bossert site sit vacant? How long was the Harza building sitting vacant now investment by a local businessman and Utica College. Not to mention the Cosmo center will now be back on the tax rolls. The harbor Holiday inn new hotel,its not a dream. Pinch yourself development is happening. Why do you think all this investment is going on? Because something big is about to happen. How many cities in the northeast and Midwest have seen there populations go up since the last census? Utica,NY has. A new wave of Americans are coming to Utica NY. Hard workers!
david

Utica, NY

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#10
Dec 29, 2012
 

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Uticapride wrote:
Utica is going in the right direction under the new mayor. When is the last time a mayor has made a major cut in staff as Palmieri did in 2012. How long did the Bossert site sit vacant? How long was the Harza building sitting vacant now investment by a local businessman and Utica College. Not to mention the Cosmo center will now be back on the tax rolls. The harbor Holiday inn new hotel,its not a dream. Pinch yourself development is happening. Why do you think all this investment is going on? Because something big is about to happen. How many cities in the northeast and Midwest have seen there populations go up since the last census? Utica,NY has. A new wave of Americans are coming to Utica NY. Hard workers!
Are you kidding me? Unless the right direction is down and down fast, you are totally clueless.
Go Dave

Camillus, NY

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#11
Dec 29, 2012
 
OC Legislator Dave Gordon needs to run for mayor...
Roefaro worse mayor ever

Cortland, NY

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#12
Dec 29, 2012
 
Snowman wrote:
Why hasen't the mayor called for an investigation of Roefaro's robbing of the city funds.
Because he's still using the same ole tax and spend Roefaro's policies. Utica has 48 bait and switch accounts used to hold taxpayer money and how it is split between public safety, DPW, and it's vendors even though they have no money left in them. Moody's and Standard and Poors see's right through Utica and it's shennanagens. Utica is unique in it's pension and retirement padding which is higher than almost any other area in the nation.
kamakazell

Syracuse, NY

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#13
Dec 29, 2012
 

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Before Palmieri gets done, he will make Roefaro look like a boyscout. Palmieri will be taking out his crying towel next month and then he will tell the property owners to buy vaseline so when he screws them like he did last year it will not hurt so much. The guy is a bloodsucker, he was one and will always be one., Utica is doomed, one thing that is good about Utica's demise is that the public safety personnel that have been holding the city hostage because of weak mayors will finally come down to earth when the money runs out, they will not be able to screw us anymore. Some Public safety personnel will be hitting the umemployment lines.
Uticapride

Utica, NY

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#14
Dec 29, 2012
 
david wrote:
<quoted text>Are you kidding me? Unless the right direction is down and down fast, you are totally clueless.
. So,funny I look at the blogs from a couple of years ago about the harbor. How it was pie in the sky. Lol. Well guess what? Wrong. The only thing going down fast in this city is some peoples spirt.
tax me more

Melrose, MA

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#15
Dec 29, 2012
 

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Got to get rid of all overtime at UFD.More then half live outside the city and make no contributions..They can't live without that O.T
gary

Camillus, NY

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#16
Dec 29, 2012
 
palmeri is is the worst mayor ever. roefaro was the one who did the harbor and palmeri has done nothing but coast. roefaro used rainy day funds because of julian's coasting and now rob puts neutral back in gear
duke

Utica, NY

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Dec 29, 2012
 

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Uticapride wrote:
Utica is going in the right direction under the new mayor. When is the last time a mayor has made a major cut in staff as Palmieri did in 2012. How long did the Bossert site sit vacant? How long was the Harza building sitting vacant now investment by a local businessman and Utica College. Not to mention the Cosmo center will now be back on the tax rolls. The harbor Holiday inn new hotel,its not a dream. Pinch yourself development is happening. Why do you think all this investment is going on? Because something big is about to happen. How many cities in the northeast and Midwest have seen there populations go up since the last census? Utica,NY has. A new wave of Americans are coming to Utica NY. Hard workers!
Major cuts? Name them. Bossert site? Been working on that for 20 years. Harza Building? Gave it away and tax breaks. Is worth 2 Million dollars. Cosmo Center? Sold it for $25,000 and the cite is worth $250,000. Holiday Inn? Roefaro Administration. Population growth? All social services recipients. We dont even require them to speak English so we have to hire extra teachers. ESL?
Roefaro worse mayor ever

Cortland, NY

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#18
Dec 29, 2012
 
DPW concerned with how much salt they need to use

It's sad because Roefaro boosted public safety contract padding with so many benny's which includes huge raises for brass, promotions, a continuim of constant raises, health benefits, and over time, the city doesn't have a penny left for services such as the salt needed to make our city roads safe. How could have Roefaro being so concerned about public safety that he would leave the city and this administration handcuffed with no resorces to escape the upcoming doom for taxpayers. You think the 10% tax increase was bad last year, you just wait for this upcoming budget. roefaro left no reserves, no water board funds, and the city flat broke, quit and moved on to chum around the state with little cuz Angelo and Schumer and you thought it was for him to spend more time with his family. He fuked us all and left us going up river without a paddle.

Since: Nov 12

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#19
Dec 29, 2012
 

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Start with a 10% pay cut for all city employees across the board. Oh, and sell off wasteful, mismanaged public property like that dumb ski hill.
depressing city

Cortland, NY

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#20
Dec 30, 2012
 
Uticapride wrote:
<quoted text>. So,funny I look at the blogs from a couple of years ago about the harbor. How it was pie in the sky. Lol. Well guess what? Wrong. The only thing going down fast in this city is some peoples spirt.
The city isn't sinking, it has sunk. Taxpayer are broke, their neighborhoods and streets looks third world, UPD beefed up from the top down using all Utica's resources, UFD the same because I don't believe that ambulance service makes a dime, Mayor goes out and leasing a brand new car for himself and buys no salt for the city, Cage and many businesses going out of business because the city has taxed them so high they barely have any disposable income in the meeker little checks which amount to no more than someone living on welfare. Actually those on welfare have more benefits than the average working Joe. Utica will continue to decline and lose population. Politician have dug the hole,Julian started the killing of Utica, Roefaro(Mr.Undertaker) killed and buried it, and Palmieri is just cleaning the meat of its bones. DOOMED TO HELL WE ARE.

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