Marks City’s 5th Consecutive Budget Surplus

Mayor Robert Palmieri and Comptroller Bill Morehouse today announced the completed
financial audit of the Mayor’s fifth fiscal year in office (FY 2016-2017) showed an operating
budget surplus of over $350,000.
A breakdown of the City’s last five fiscal years is as follows;
FY 2012-2013 $931,000 Surplus
FY 2013-2014 $1.5 Million Surplus
FY 2014-2015 $345,000 Surplus
FY 2015-2016 $750,000 Surplus
FY 2016-2017 $377,000 Surplus

The surplus for FY 2016-2017 enabled the City to pay off three years of amortized
retirement debt and allocate funds to reduce the burden on taxpayers in future budgets.
The five consecutive surpluses are due to conservative budget practices and weekly
monitoring of the budget by the Mayor, department heads and the Comptroller’s office.
As a result, the City’s previously depleted fund balance now stands at $6.2 million, the
highest level it’s been in nearly 20 years.

These overall financial improvements resulted in Utica being upgraded by all three of the
leading financial institutions with the City earning its first “A” rating with Standard and
Poor’s for the first time in 30 years.
Mayor Palmieri stated, “By working collaboratively with Comptroller Morehouse and
other partners in City government, we have established a trend of financial stability and
responsibility in securing a fifth consecutive surplus. We’ve lived within our means and our
positive turnaround has been recognized by all the financial institutions.
Comptroller Morehouse stated, “Today’s announcement is yet another example of how the
City’s finances have clearly improved in recent years and is a testament to Mayor Palmieri’s
strong leadership, the implementation of smart fiscal policies and everyone in City
government working together.”

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