Utica Defers Short Term Borrowing

Utica Comptroller Bill Morehouse says the City's annual short term borrowing, which usually takes place in December, has been deferred until a later date.

Morehouse says the possibility for the need to borrow for this fiscal year has been eliminated.

He says since the mid-1980's, Utica relied on the cash market numerous times to meet short term cash flow needs

Morehouse says as a result of a strengthening financial position, the City's need for short term borrowing has steadily decreased.

Morehouse said, “today’s announcement is a great accomplishment and by working closely with all partners in City government, including the Mayor and Common Council, we are achieving tangible and substantive financial improvement.  While we are moving in the right direction, my office will continue to take the necessary steps to help permanently rid the City of the need for short term borrowing as we move forward."