Mayor Palmieri has faced the city's tough fiscal challenges head-on

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For Immediate Release: April 27, 2017

 

MAYOR PALMIERI ANNOUNCES UTICA CUTS FISCAL STRESS SCORE IN HALF

Mayor Robert Palmieri today announced the city of Utica’s fiscal stress score, as measured by State Comptroller Thomas P. DiNapoli’s local government monitoring system, dropped by 20 points from 40 percent to 20.8 percent. It is the second straight year the city’s score has shown significant improvement.

 

Comptroller DiNapoli’s Fiscal Stress Monitoring System analyzes local government fiscal data, such as level of fund balance and debt, to determine its susceptibility to fiscal stress and provides municipalities a score based on those factors. 

 

In 2012, State Comptroller DiNapoli met with the Mayor and he provided great insight and recommendations as to how Utica could improve its finances. Consequently, the city crafted a financial recovery plan and over the past five years has stayed true to its plan – reducing the cost of government, consolidating departments, securing budget surpluses and increasing its fund balance to over $5 million. 

As a result, Utica’s fiscal stress score improved to 51.3 in 2014, to 40 in 2015 and for 2016, the city finished with a score of 20.8. 

In addition to State Comptroller’ DiNapoli’s office, the city’s fiscal improvement has been recognized by the financial rating institutions Standard & Poor’s and Fitch. Both agency’s recently increased Utica’s credit rating.

“Mayor Palmieri has faced the city's tough fiscal challenges head-on and made the difficult, but necessary, budget decisions that were key to turning around Utica’s finances," said New York State Comptroller Thomas P. DiNapoli. “Wisely, the mayor developed a multi-year financial plan that addressed the major drivers of fiscal stress for many municipalities in Upstate New York. This type of forward-thinking can help our local governments become more efficient, more creative and more effective with the resources that are available.  Mayor Palmieri has acknowledged that the financial issues affecting Utica are ongoing and will require persistence and careful management.  That is why I have no doubt that he and his colleagues in city government can continue to build on their successes.”

Mayor Palmieri stated, “This announcement is a testament to strong partnerships and hard work among several city office’s and departments, especially City Comptroller Bill Morehouse and City Budget Director Peter Fiorillo.  I thank State Comptroller DiNapoli as his support and guidance is a big reason why the City of Utica has experienced this financial improvement.” 

City of Utica Comptroller Bill Morehouse stated, “The City of Utica has been moving in the right direction since Mayor Palmieri took office and this announcement is further validation.  The turnaround of the city’s financial condition has been remarkable, and I look forward to continue working closely with the Mayor to ensure we see even more improvement in the future.”