Roefaro cripples Taxpayers and Uticas...

Roefaro cripples Taxpayers and Uticas finances

Posted in the Utica Forum

Taxpayer

Syracuse, NY

#1 Jan 31, 2013
Gone, gone gone. Roefaro spent it all and moody's downgrades Utica three time. Roefaro quit after using all the money and taxing us an arm and leg which left the city and taxpayers crippled for life. We are at a point of no return. Roefaro treated Utica and taxpayers like we were a bunch of stiffs ready to be put in the ground and would have no more troubles.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.
Bond Ratings and Debt
Moody’s Investors Service downgraded the City’s long-term rating to Baa1 from A3 in May 2012, with a negative outlook after a previous downgrade in February 2012. Moody’s cited structural imbalance, ongoing draws on fund balance, weakened liquidity, weak socioeconomic indices and the challenges the City continues to face to restore balanced operations and replenish reserve levels. Moody’s also noted deterioration of Utica’s fiscal condition since 2009 due to the appropriation of reserves and inaccurate budgeting of revenues, and estimates the structural balance gap from 2009 to 2011 at more than $10 million. Fitch Ratings, which also downgraded Utica, expressed concern about the necessity of short-term borrowing as the recent lack of reserve funds has created periodic cash-flow issues.
The City had long-term outstanding debt of $59.7 million at the end of 2011, and had exhausted 55.4 percent of its Constitutional Debt Limit by 2011. This is significantly higher than the median for all cities of 22 percent. Although its outstanding debt of $959 per capita is below the $1,300 median for all cities, its debt burden is actually quite high in relation to the full value of real property in the City (4.0 percent, as compared to the median of 2.8 percent). Utica’s debt service costs in 2012 were 8.4 percent of revenues, the same as the median for the State.
worse mayor ever
United States
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|Report Abuse |Judge it!|#2 Yesterday
State Comptroller Thomas DiNapoli revealed the profile during a news conference Tuesday with Mayor Robert Palmieri at the State Office Building.

The nine-page report portrays a bleak picture of the city’s financial condition.

Among the findings, Utica:

* Has a smaller-than-average tax base.

* Is more dependent on outside aid.

* Spends more on public safety and employee benefits than other cities.

* Is close to using all of its available fund balances.

* The population is poorer and older than the rest of the state.
Harry

AOL

#2 Jan 31, 2013
It was Julian who started raiding the water board money.
dumass Uticans

Syracuse, NY

#3 Jan 31, 2013
Dummy the facts are right in front of you. Can you read or are you just ignorant. Focus just on what Roefaro did. It amounts to 10 times the amount Julian did in 7 years. In 4 short years look at what your butt buddy did, impecile.
Maria

AOL

#4 Jan 31, 2013
Reading the above evidently Julian also used the water board money.So Sad
Eienstein

Syracuse, NY

#5 Jan 31, 2013
Maria wrote:
Reading the above evidently Julian also used the water board money.So Sad
Correct Eienstein, Julian did it first and spent about 10%, Thats why Roefaro got the big idea to spend the other 90%, leave the cit flat broke, and recieve three down grades from the bond agencies. Julian began killing Utica and Roefaro buried it to a point of leaving it not only in debt but unable to borrow anymore money at a lower rate. Yep, Roefaro cripples Utica for life. Thank Maria for giving your insight where it began and who finished the deed.
lol

Utica, NY

#6 Jan 31, 2013
uticas got a good mayor now. gotta start somewhere
Justice denied

AOL

#8 Jan 31, 2013
Department of Justice wrote:
Roefaro will be fully investigated regarding city spending and the deals he made with the Bosnians while being a mayor.
What Roefaro did leaving this city flat busted, in debt, and with a poor bond rating for years to come was plain ole criminal. We know he had the UPD in his pocket but he must have had the DA and judges there to for what he got away with. The again he had accomplices in the rubber stamp council also. Don't we have to pay back the $700,000 in hud funds this year that he mis-spent or should I say gave away to friends and family.
Roefaro worse mayor ever

Syracuse, NY

#9 Feb 1, 2013
Roefaro was the worse mayor in the entire history of Utica. It will never recover in this lifetime for many. He had no vision except to give away all Uticas money to family and friends and when it was gone he quit. Who would spend all the cities reserves knowing it would hurt our bond rating and send the cost of borrowing through the roof? Who would formulate lucrative contracts, benefits and perks to public safety in the worse recession since the great depression, who would mis-spend $700,000 in Hud funds right after being investigated by the FBI for Gro-West, who would buy up building for a $1 and send the bill to tear them down to the taxpayers, who would take a job as mayor and never show up to work and run his full time business on the city dime, and who would quit his job after stealing all the taxpayers money, running up an unsusatianable fiscal path and leave taxpayer a 8 million dollar deby and a bad bond rating.
pre-Roefaro contracts

AOL

#10 Feb 1, 2013
We have to go back to pre-Roefaro public safety contracts to put Utica back on track. It will be more of the same if we cannot get the union to help taxpayers out because they won't have nothing left to protect from crime or fires.
observer

Utica, NY

#12 Feb 1, 2013
pre-Roefaro contracts wrote:
We have to go back to pre-Roefaro public safety contracts to put Utica back on track. It will be more of the same if we cannot get the union to help taxpayers out because they won't have nothing left to protect from crime or fires.
More like pre-roefaro/labella UPD contracts. UPD had an open checkbook when labella was in charge. this is nothing against the officers, just a fact that labella gave the house away.
Bingo

Utica, NY

#14 Feb 2, 2013
observer wrote:
<quoted text>
More like pre-roefaro/labella UPD contracts. UPD had an open checkbook when labella was in charge. this is nothing against the officers, just a fact that labella gave the house away.
You got that right!!!!!

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