City Projects 2016 Surplus
Mayor Rob Rolison said today that the City of Poughkeepsie will end 2016 with a projected surplus in its General Fund of $544,000. “This positive news shows the impact that cost-containment and careful monitoring of expenses throughout the year has, and why we should not transfer savings from any particular expense line to some other expense category mid-year. It’s the fiscally responsible decisions we make during the year that lead to good news at the end of the year.”
City Commissioner of Finance Marc Nelson said “We realize there is a lot of work still ahead of us, but this is an encouraging result for a year which could have gone either way until the very end. City Departments did an extraordinary job of managing to their budgets and adapting throughout the year”.
The favorable 2016 result will effectively reduce the City’s cumulative general fund deficit from $13 Million to $12.5 Million. Additional cost reduction and restructuring initiatives, including the upcoming consolidation of the City’s bus system with the County transit system, are projected to save taxpayers up to another $500,000 annually.
“Fiscal stabilization is a gradual process, but it’s the key to much of what is so important to us all, from public safety to clean streets and thriving businesses. When we manage our City finances well, we are rebuilding our ability to address the daily concerns of our citizens, and we are building a more strategic and responsive city government.”