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MAYOR: City of Utica secured largest budget surplus in over 15 years

By WKTV News

UTICA, N.Y. (WKTV) - Utica Mayor Robert Palmieri announced, Monday, that the City secured a surplus of $931,000 for the fiscal budget during the previous fiscal year, the largest yearly surplus since 1998.
 
The surplus completed a $4 million dollar positive swing since 2012, when Utica had a $3 million operating deficit.  
 
"There is no question that over the past two and a half years the City of Utica has changed course and is moving in the right direction," Mayor Palmieri said. "While securing a nearly $1 million surplus is a positive sign, we still must do more to keep the momentum going." 
 
The City of Utica had previously used its near $5 million fund balance to supplement its budgets, dating as recently as 2009.
 
However, since 2009, it has refrained from tapping into the fund balance, and has turned the -$15,000 undesignated fund balance in the budget of the past, into a $1.5 million surplus.

 

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