WILLIAM C. MOREHOUSE

        COMPTROLLER   

For Immediate Release:  December 7, 2017

COMPTROLLER MOREHOUSE ANNOUNCES DEFERMENT OF CITY’S ANNUAL SHORT TERM BORROWING

Comptroller Bill Morehouse today announced the City’s annual short term borrowing, which usually takes place in December, has been deferred until a later date with a possibility for the need to borrow being eliminated for this fiscal year, a testament to the City’s improved financial position. 

Since the mid-1980’s, Utica has relied on the cash market numerous times to meet short term cash flow needs as the City does not receive its final state aid payment until the end of its fiscal year.  As a result of a strengthened financial position, the City’s need for this short term borrowing has steadily decreased.

Utica’s financial improvement stems from the implementation of sound fiscal policies and collaboration, resulting in four consecutive budget surpluses which has substantially increased our fund balance.

The City’s positive turnaround has been recognized by New York State Comptroller Tom DiNapoli’s fiscal stress monitoring system and all three of the leading financial institutions with Utica earning its first “A” rating with Standard & Poor’s for the first time in 30 years. 

Comptroller Morehouse strategically leveraged the City’s fiscal improvement by crafting a bond refinancing plan which is projected to save tax payers nearly $1 million. 

Comptroller Morehouse stated, “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. 

Comptroller Morehouse continued, “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.