I thought there was a surplus

Posted in the Utica Forum

Truth

Utica, NY

#1 Aug 29, 2013
http://www.uticaod.com/latestnews/x1367235251...

They draw down the fund balance to do this. that increases the rate of interest they have to pay for borrowing (bonding) what happened to the over million dollar surplus they announced a few weeks ago and why didn't they use that?

Level 6

Since: Nov 10

Location hidden

#2 Aug 29, 2013
The surplus is a budgetary surplus. That doesn't mean that they actually have money laying around in a drawer somewhere. A budgetary surplus happens when you spend less than was budgeted. If revenues don't come in there is still a cash shortage and the city can't write checks for money that isn't really in their bank accounts.

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