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City of Poughkeepsie Projects 2018 Surplus

City of Poughkeepsie Projects 2018 Surplus

A Projected $313,000 Surplus in FY-2018 Further Reduces the City’s General Fund Deficit

Mayor Rob Rolison announced today that the City of Poughkeepsie is projecting a year-end general fund surplus of approximately $313,000. The favorable result for 2018 will reduce the city’s cumulative general fund deficit, and further builds on the success achieved in 2016 and 2017.

Against a 2018 general fund budget of $49.6 Million, the actual year-end results are expected to be within 0.63% of the adopted budget, which stayed under the NYS tax cap, did not increase water or sanitation rates, and slightly lowered sewer rates.

Mayor Rolison said: “Three years of consecutive balanced budgets have been critical to our city’s forward progress on so many different fronts. Strong fiscal management has focused on deficit reduction, debt management, and restructuring city services to capture efficiencies and save taxpayers money. Strong financial results boost the confidence of all our stakeholders in local government, drive increased investment in our City, and cause us to realize increased grant revenue as well.”

Councilwoman Natasha Cherry (D-6th Ward) and Chair of the City’s Finance Committee said: “This result not only validates our annual budget process, but it also speaks to the fine work being done by all the city departments when it comes to managing expenses throughout the year.”

City Administrator, Marc Nelson, said: “We remain intent on eliminating the city’s deficit while at the same time allocating the resources required to make meaningful progress on the issues that matter most to our community.”