Palmeiri Roefaro cut from the same cloth
Posted in the Utica Forum
#1 Feb 18, 2013
These two Mayors are one and the same. Department heads control both of them as public safety spending goes un-monitored and un-controled, spending at the behest of taxpayers causing taxes to skyrocket each and EVERY YEAR with NO ACCOUNTABILITY. Taxpayers are toast with no structural changes to the system causing such unfairness to taxpayers they live off of. We take hits and subtract from our budgets at home every year as they add to there budgets at home every year with the money taken from us in taxes. The shame is there are no consequeces for the department heads who deliberately go over budget and continually spend what they don't have and they never and don't even have to be accountable to anyone including the Mayor. This leads your city budget going over every single year and taxpayers paying the difference. How can this be? How can this go on every single year and they still have there jobs and the Mayor says or is in-able to do a thing about it except to raise our taxes. There is a serious structural problem that taxpayers get penalized for every years for the incompetence and un-balance structure of city government. For gods fucking sake!!!!!!!!!!
#2 Feb 19, 2013
Get your vasoline ready and stand outside with your wallets open today. The truth they don't want you to know about. Here come the excuses which are everything except what it says below.
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.
#3 Feb 19, 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.
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