Utica Finishes With Sixth Consecutive Budget Surplus
The City of Utica has finished with a budget surplus for the sixth consecutive year.
Mayor Robert Palmieri and Comptroller William Morehouse say the city ended the 2017-18 fiscal year with a budget surplus of $531,000.
They say the surplus stems from several positive fiscal trends, including a significant expansion of the city's tax base and increased sales tax revenue.
In the past several months, the city sold the Utica Marina and former General Electric Building on Bleecker Street. The mayor says these two sales alone generated $750,000 in revenue, while also eliminating the city's costs to maintain the properties
Palmieri says the city's previously depleted fund balance now stands at $6.7 million, the highest level it's been at in nearly 20 years.
"By working collaboratively with Comptroller Morehouse and other partners in City government, we have established a trend of financial stability and responsibility in securing a sixth consecutive surplus. We've lived within our means and our positive turnaround has been recognized by all the financial institutions." said Palmieri.
City officials are finalizing the upcoming budget and the mayor will present it to the Board of Estimate and Apportionment in the next several weeks.