MAYOR PALMIERI & COMPTROLLER MOREHOUSE ANNOUNCE UTICA’S FINANCIAL OUTLOOK UPGRADED TO POSITIVE BY STANDARD & POOR’S

Second Financial Rating Institution this Week to Upgrade Utica’s Financial Outlook

Mayor Robert Palmieri and Comptroller Bill Morehouse today announced that for the second time this week a financial rating agency has upgraded Utica’s financial outlook.

Standard & Poor’s officially upgraded the City’s outlook from stable to positive, while Fitch Ratings upgraded the City’s outlook earlier this week.

With multiple financial rating institutions upgrading the City’s outlook this year coupled with Standard & Poor’s upgrade from last year, the City has established a consistent pattern and trend of a positive financial recovery.

Standard & Poor’s report states the positive outlook reflects Utica’s improvements in financial operations over the past three fiscal years, a stronger general fund reserve position, strong budgetary performance, an operating surplus in fiscal year 2014, a very weak debt and contingent liability profile and a strong institutional framework.

The report went on to say that the City has reached structural balance over the past couple of fiscal years and has increased available general fund reserves substantially.

Mayor Palmieri stated, “The fact that a second financial rating institution this week has upgraded Utica’s outlook is further affirmation that our recovery plan is working and City government is delivering for our residents.”

The Mayor continued, “These goals could not be achieved without a good team in place. While we are not out of the woods and there is still work that needs to be done, we will continue to move Utica in the right direction.”

Comptroller Morehouse stated, “There is no question our financial position has improved over the past three years and having our outlook upgraded by multiple rating agencies proves that we are moving in the right direction. I commend Mayor Palmieri for his leadership and partnership in enhancing Utica’s financial strength.”

Common Council President Frank Meola stated, “The Common Council has worked diligently and closely with Mayor Palmieri and Comptroller Morehouse to improve Utica’s financial position and today’s announcement shows the results of us all working together.”