State Comptroller Thomas DiNapoli visited Utica Tuesday morning. He says the city of Utica continues to struggle with recurring budget gaps and has nearly depleted its fund balances,The report is the latest in a series of fiscal profiles on cities across the state.Full Story
#24 Jan 30, 2013
I blame the leadership--the mayors.
#25 Jan 30, 2013
Why from Rome nailed it .Some people brought up the negative effects of prisons in our area but at the time we were desperate for jobs due to the Exodus of jobs from NY ( Griffis being the major one ) Only if we knew the magnitude of shit served our way that these prisons would bring .Jobs don't out way the benefits of a prison unless you benefit with a job .
#26 Jan 31, 2013
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
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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.
#27 Jan 31, 2013
Just as I thought Julian was the first to raid the water board money.Roefaro continued the practice.
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