Colosimo-Testa Wants Hold On Utica’s Borrowing
In 2013 the City of Utica increased its annual short-term borrowing to $12 million and projects the same cash-flow needs for 2014.
Utica Common Councilwoman Smantha Colosimo-Testa is requesting that the City and Comptroller's office put a hold on future borrowing until the City's audit is complete.
Colosimo-Testa says because the audit is a year overdue, the Common Council can no longer be expected to borrow, or understand the finances of the city, unless their financial obligation with tax payers and the auditors is met.
She added that the hold on borrowing is in the best interest for taxpayers and a step in the right direction for Utica.