Utica Broke again
Joe bag of beans

New York, NY

#1 Jun 18, 2012
Here we go again, or is it still. The City needs to borrow another 10 or 11 million just to pay it's bills.
Dave Roefaro

Galeton, PA

#2 Jun 18, 2012
Yes look what I did as your Mayor. Utica has to borrow more money to pay it's bill's.

UTICA — The city’s continuing shortage of cash will force city Comptroller Michael Cerminaro to ask for roughly $6.6 million in borrowing now and another $10 million later in the year.

The city gets its money in chunks – including roughly $11 million in state aid at the end of its fiscal year. But meeting payroll and paying vendors are regular expectations.

“Things are getting tight right now,” Cerminaro said.“Over the next couple of weeks, it gets very tight.”

Cerminaro will ask for borrowing in two forms:

* A roughly $5 million revenue-anticipation note to be paid back by a state aid payment in September.

* A roughly $1.6 million tax-anticipation note to make up for uncollected school revenue. The city collects school taxes and is responsible for any delinquent taxpayers. Last year, the city only collected $20 million of the expected $21.6 million in school tax.

Cerminaro said the short-term note will give the city time to track down delinquent taxpayers. He also said he’ll likely seek authorization for borrowing roughly $10 million late this year, again to meet everyday expenses.

Three Common Council members – Frank Vescera, D-1, David Testa, D-2, and James Zecca, D-at-large – have proposed a law establishing a separate bank account for the deposit of school taxes and also timeframes for when they must be paid. Cerminaro said a separate bank account already exists.

During past years, the city relied on reserve funds to bridge budget gaps. But the two main accounts – the fund balance and water trust fund – have been severely drained by years of deficit budgeting.

The city received more bad financial news recently when the estimate for insuring its fleet of vehicles exceeded budgeted projections by $103,458 for 2012-13.

City Budget Director Peter Fiorillo said the city has had a high number of vehicle incidents over the past three years that led to jacked up insurance rates. The money will eat up roughly 30 percent of the city’s $337,490 contingency fund.

The city’s continuing shortage of cash will force city Comptroller Michael Cerminaro to ask for roughly $6.6 million in borrowing now and another $10 million later in the year.

T
“Things are getting tight right now,” Cerminaro said.“Over the next couple of weeks, it gets very tight.”

Cerminaro will ask for borrowing in two forms:

* A roughly $5 million revenue-anticipation note to be paid back by a state aid payment in September.

* A roughly $1.6 million tax-anticipation note to make up for uncollected school revenue. The city collects school taxes and is responsible for any delinquent taxpayers. Last year, the city only collected $20 million of the expected $21.6 million in school tax.

Cerminaro said the short-term note will give the city time to track down delinquent taxpayers. He also said he’ll likely seek authorization for borrowing roughly $10 million late this year, again to meet everyday expenses.

Three Common Council members – Frank Vescera, D-1, David Testa, D-2, and James Zecca, D-at-large – have proposed a law establishing a separate bank account for the deposit of school taxes and also timeframes for when they must be paid. Cerminaro said a separate bank account already exists.

During past years, the city relied on reserve funds to bridge budget gaps. But the two main accounts – the fund balance and water trust fund – have been severely drained by years of deficit budgeting.

The city received more bad financial news recently when the estimate for insuring its fleet of vehicles exceeded budgeted projections by $103,458 for 2012-13.

City Budget Director Peter Fiorillo said the city has had a high number of vehicle incidents over the past three years that led to jacked up insurance rates. The money will eat up roughly 30 percent of the city’s $337,490 contingency fund.
Double Dip

United States

#3 Jun 18, 2012
Use the profit from the ambulance. Azzholes
moron

Conklin, NY

#4 Jun 18, 2012
A mechanic for comptroller. Need anything else be said? What did you expect??? The money didnt disappear over a few months. This had to be going on for years and no warning from the man minding the cash register?
slapanut

Baldwinsville, NY

#5 Jun 18, 2012
What do you mean again? Utica has been broke for years.
dave

Cortland, NY

#6 Jun 18, 2012
Valley View revenue gone...no members and nobody plays there anymore. I go there everyday and the course is empty. So the city gets nothing from this too.
say hello

Syracuse, NY

#7 Jun 18, 2012
state control board.

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