Utica Audit Complete, $1.5 Million Budget Surplus Announced
The audit of the city of Utica's finances for the 2013-14 fiscal year is complete and Comptroller Bill Morehouse and Mayor Rob Palmieri say the city has an operating budget surplus of $1.5 million.
Last year, the City's finances were reviewed by Fitch's and Standard and Poor's, and while those reviews showed improvement, Utica still disappointed when it came to timely financial reporting and an inadequate fund balance.
Palmieri says he's encouraged by the audit results and he plans to use the surplus to increase funding to improve the city's roads and infrastructure as well as give the DPW more resources for things like green waste pickup in next year's budget.
“In looking at last year’s review from the financial institutions our two biggest obstacles were late financial reporting and not having a large enough fund balance,” Mayor Palmieri said. “This audit highlights great improvement on both these fronts and while there is still work that needs to be done; by working together we are significantly improving the City’s financial condition.” The Mayor added, ‘I commend Comptroller Morehouse for his partnership in improving our financial position.”
Over the past three years, Utica's fund balance has gone from negative to over $3 million.
“In working with the Mayor and his team, the City was able to complete its audit on time, a major mutual goal of our respective Administrations," Comptroller Morehouse said. "I look forward to strengthening our partnership as Utica’s financial situation continues to improve.”
Utica's budget is now at $3.1 million, just short of the 5% minimum of the total budget residents voted for in 2004.
The city's fiscal year runs from April 1, to March 31.