Mayor Palmieri Vetoes Fund Balance Increase Amendment to City Budget
Of the 21 amendments to the City Budget passed by the Utica Common Council on Tuesday, Mayor Palmieri vetoed only one.
In a statement from the mayor's office, Palmieri praised Members of the Council for their dilligence in examining the budget and their dedication for the betterment of residents.
The amendment Palmiei vetoed was Ordinance F14. That amendment increases the city's use of fund balance by $300,000.
The reason for the veto is the Administration utilized $750,000 of fund balance to pay off a one-time expenditure. Any additional fund balance usage would compromise and damage the City's financial position.
Any additional fund balance increase would also negatively impact the credit rating progress the city has made. This conclusion is based on a memo from Budget Director Heather Mowat to the Common Council.