DiNapoli: Utica Facing Continued Fiscal Challenges
The state’s top fiscal watchdog was in Utica to release a financial profile of the city.
Comptroller Thomas DiNapoli says Utica continues to struggle with recurring budget gaps and has nearly depleted its fund balances.
He says over the last four years, the city has used $5.4 million of its available fund balance and has left its contingency and tax stabilization reserve underfunded by $2 million.
DiNapoli says high poverty and unemployment rates are also hampering the city.
DiNapoli says Mayor Robert Palmieri will need to continue to partner with his colleagues in city government to balance revenues against spending in order to keep Utica’s finances from deteriorating further.