The rating firm Standard and Poors has upgraded the City of Utica's financial outlook from negative to stable.

Mayor Robert Palmieri and Comptroller Bill Morehouse say the upgrade is a definitive sign that the city is moving in the right direction.

In its report, Standard and Poors said Utica's budgetary flexibility is strong and has improved in the last two fiscal years.

“This announcement is a testament to the great work our team has done over the past two and a half years,” Mayor Palmieri said.  “As we continue to implement the solutions for the future, this further validates the City is moving in the right direction.  I’d like to thank all our partners in helping to continue the positive momentum for the City.”

A recent audit found the city with a nearly $1 million surplus.