Utica Mayor Robert Palmieri and Comptroller Bill Morehouse have announced that next year's 2019-2020 budget proposal will include a Multi-Year Spending Plan.

They say the initiative is the result of the Mayor and Comptroller's offices working together to develop a five-year debt service forecast, along with a five-year capital projects plan.

Included in the multi-year spending plan will be a combination of annual debt payments of previously approved projects and an estimated cost of debt payments for newly approved projects.

Palmieri says the plan will serve as a valuable tool and further aid the Common Council as the City's long term financing plans move forward.

'As Utica's financial position has greatly improved since 2012 we can now more accurately project our budget costs for the next several years." said Palmieri.  "It is imperative we continue this trend and implement smart, transparent and strategic financial policies.

More From WIBX 950