Denapoli - WHY UTICA IS FLAT BROKE!

[Tidbits]

Expenditures grew at an average
annual rate of 2.7 percent between
2001 and 2011, compared to the
annual average growth of 3.4 percent
for all cities. Utica spends more for
public safety than the average city,
at 31.2 percent of total expenditures
compared to 25.9 percent. Public
safety expenditures grew by 4.4
percent on an average annual basis
between 2001 and 2011. Employee
benefits expenditures were slightly
higher than averages for the Mohawk
Valley and for all New York cities,
making up 23.1 percent of all spending
in 2011, and have grown rapidly over
the past decade, increasing nearly 10 percent on an average annual basis since

[Thanks Reofaro]

In 1996, the City sold its water assets to a regional public water authority. Proceeds from the
sale and any installments paid by the authority to the City were required to be placed in a capital
improvement trust fund (Water Trust). The 2012 budget review stated that:
In 2005-06, the Water Trust had a reported balance of nearly $9 million; however, the City
has been spending down this balance since then. During the last three completed years
and the current fiscal year to date, the City has made annual transfers to the general fund
totaling over $6.7 million. The Water Trust is projected to have a balance of $1.3 million as
of March 31, 2012. The proposed budget includes a $661,452 transfer from the Water Trust,
further depleting these funds.
With these gap-filling sources unavailable in the future, the City may experience critical cash-flow
problems over the next few years. Municipalities that experience such cash-flow issues often
resort to issuance of short-term debt. Given the City’s weakened credit rating, these issuances
will become increasingly expensive

[Ed Hanna]

As I've said before! Last one out, shut the lights...

[Soloing]

robbing the water fund was done ages ago by lapolla as well. An old dirty trick to cover losses. This absolute black handed theft has been allowed to continue because the voters don't show up to get these dirty, third rate goombas out of office.