For Immediate Release:  September 6, 2018

MAYOR PALMIERI & COMPTROLLER MOREHOUSE ANNOUNCE A MULTI-YEAR SPENDING PLAN TO BE INCLUDED IN THE CITY’S UPCOMING FY 2019-2020 BUDGET 

Mayor Palmieri and Comptroller Morehouse today announced that next year’s FY 2019-2020 budget proposal will include a Multi-Year Spending Plan.

This initiative is a result of the Mayor and Comptroller’s offices working together to develop a 5-year debt service forecast in conjunction with a 5-year capital projects plan proposal.

By developing and marrying the debt service forecast and the capital projects plan proposal into a multi-year budget projection, it will serve as a valuable tool and further aid the Common Council and public about the city’s long term financing plans moving forward.    

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

To begin the process, the City Budget Director has provided the Common Council with the current 2018-2019 debt service schedule which includes payments on bonds, bond anticipation notes (BAN’s), leases, New York State retirement in addition to a 5-year debt service forecast.

Mayor Palmieri stated, “As Utica’s financial position has greatly improved since 2012 we can now more accurately project our budgetary costs for the next several years.  It is imperative we continue this trend and implement smart, transparent and strategic financial policies.”

Comptroller Morehouse stated, “There are many factors in forecasting new debt issuance such as the life of the project being financed, balancing the impact it has on the budget and the overall cost to taxpayers.  The coordination of a 5-year capital plan and 5-year debt service forecast will be a resource in guiding the city’s financial progress.”