Moody’s Removes Utica’s Negative Financial Outlook

Moody's has removed its "negative" outlook for Utica, the third financial rating institution to improve the city's financial outlook this year.

Fitch Ratings and Standard & Poors both upgraded the city's outlook earlier this year.

Three years ago, amid budget deficits and financial instability, Moody's assigned a negative financial outlook to the city.

Mayor Robert Palmieri says the removal of the negative outlook from Moody's further solidifies the city's recovery plan is working and Utica is moving in the right direction.

Specifically, Moody’s report stated “The City has generated two consecutive operating surpluses in fiscal 2013 and 2014, growing reserves to $1.6 million and $3.2 million respectively and the removal of the negative outlook reflects the City’s improved financial position expected to continue based on new conservative budgeting practices.”