City Of Poughkeepsie » Press Release » State’s Financial Restructuring Board Approves up to $3 Million Dollars in Special Aid for City

State’s Financial Restructuring Board Approves up to $3 Million Dollars in Special Aid for City

Mayor Rob Rolison said today that the City of Poughkeepsie has been awarded up to $ 3 Million Dollars in Special Assistance by the State of New York’s Financial Restructuring Board (FRB).

The aid package supports efforts to operate city government more efficiently, rewards and acknowledges efforts already underway, and presents meaningful recommendations which will guide City leaders over the coming year. Specifically, the award targets efforts to increase economic development, along with the enhancement and upgrade of municipal parking operations, and it assists with the City’s shared-services efforts.

“Working with the FRB, their staff and leadership, has been a very positive experience. Their professionalism and expertise is unmatched in municipal finance, we left no stone unturned in what has arguably been the most detailed review and analysis our City Government has ever been a part of”, said Mayor Rolison.

The award is one of the largest ever approved for a single municipality since the FRB was created in 2013.

“The FRB isn’t in the business of putting Band-Aids on the financial problems of local government”, the Mayor said. “Their mission is to explore opportunities for fundamental changes which yield long-term benefits. I believe that this award acknowledges that the work we’ve done so far has helped earn our City this additional investment, and we are grateful to the Board for this strong vote of confidence” said the Mayor.

Councilman Mike Young (D-2nd Ward), a member of the City’s Finance Committee, said “I’m excited by today’s decision. This is wonderful news for the City, and it is proof-positive that making difficult structural changes and hard work does pay dividends. I’m proud to have served on both the Mayor’s Fiscal Advisory Group and the Council’s Finance Committee. The award of these funds will move us from a reactive stance to a proactive one; making investments where they are needed to best serve our residents and realize efficiencies for future years.”

Councilman Lee Klein (R-4th Ward), also a member of the City’s Finance Committee, said “This very strong support from the F.R.B is welcome news. Clearly our efforts thus far in the key areas of restructuring played a role in the deliberations of the decision-makers for this award. Fortunately, we were able to sustain decisions which have led to these very positive developments. It is also gratifying to see that we are making good progress in key areas like managing debt and reducing expenses. Good fiscal management needs to continue to be given priority by this Council, because we still have much work to do.

Mayor Rolison noted the application marked the culmination of a complex and coordinated application process which spanned more than a full year.

“I thank Governor Cuomo, State Budget Director Mojica, and other members of the Board, for their support of the City of Poughkeepsie’s proposals. On the City side, Commissioner of Finance Marc Nelson, William Brady and our entire finance department did extraordinary work to get us to this point. All around our city, so many are a part of what we do each day. I think we can all see this good news for what it really is. It doesn’t just inject cash, it injects optimism and hope because others believe in us. Apart from the funding itself, the recommendations made by the FRB today will become a roadmap for the work still ahead of us”, the Mayor said.

The full report may be viewed at:

https://frb.ny.gov/about/061917/061917BoardMeetingPresentation.pdf