Utica Finishes With Fourth Consecutive Budget Surplus

It's another budget surplus for the City of Utica.

Mayor Robert Palmieri and Comptroller William Morehouse say an audit of the Mayor's fourth fiscal year in office shows an operating budget surplus of over $750,000.

It marks the fourth consecutive year Utica has secured a budget surplus.

Palmieri says the city's current fund balance now stands at 5-point-8 million dollars, the highest level it's been in nearly 20 years.

He says the overall financial improvements resulted in the city securing a recent three notch credit rating increase from Fitch Ratings and financial outlook upgrades from Standard & Poors and Moody's.

Palmieri said, “The City has established a trend of financial stability and responsibility in securing a fourth consecutive surplus.  Much like a family budget, each of the past four years we’ve made difficult decision and lived within our means and are now seeing the positive results.