MAYOR PALMIERI & COMPTROLLER MOREHOUSE ANNOUNCE IMPROVEMENT IN UTICA’S FISCAL STRESS SCORE

Mayor Robert Palmieri and City Comptroller Bill Morehouse today announced the city of Utica’s fiscal stress score, as measured by State Comptroller Thomas P. DiNapoli’s Fiscal Stress Monitoring System, improved by nearly 10 points from 15.8 to 6.3 (a lower score indicates less fiscal stress).

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

In 2012, Utica had a negative fund balance, a multi-million-dollar budget deficit and downgraded credit ratings from all three leading financial institutions; Moody’s, Fitch Ratings and S&P Global. As a result, the city’s projected fiscal stress score was 70.8, which was indicative of significant fiscal stress at that time.
That same year, Mayor Palmieri met with State Comptroller DiNapoli and his team in Albany and they provided great insight and recommendations as to how Utica could improve its finances.

The city crafted a financial recovery plan and, over the past ten years, implemented sound fiscal policies which has resulted in 9 consecutive budget surpluses and a fund balance that is now over $11 million.

Today, with a score of 6.3, the city has no fiscal stress designation.

In addition, the city’s credit rating has been upgraded by Moody’s, Fitch Ratings and S&P Global.

State Comptroller DiNapoli said, “We launched our Fiscal Stress Monitoring System to alert local communities of red flags and growing signs of fiscal problems. Mayor Palmieri and his team acted on our warning and took long-term, deliberate steps to improve Utica’s finances. His efforts are clearly working, and I commend him for this impressive turnaround.”

Mayor Palmieri stated, “Through partnerships and collaboration, we have built a solid financial foundation. I will continue to work with my colleagues in government to ensure Utica’s financial improvement continues.”

City Comptroller Morehouse stated, “By every measure, whether it be State Comptroller DiNapoli’s Fiscal Stress Monitoring System or reports from financial rating institutions, Utica’s financial position has greatly improved over the years. I commend Mayor Palmieri and city staff on this great achievement as we work to ensure Utica’s financial position remains strong moving forward.”