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City of Poughkeepsie Books 2017 Surplus

City of Poughkeepsie Books 2017 Surplus

A 2017 Year-end Surplus in the City’s General Fund will reduce the City’s Deficit by $852,000

The City of Poughkeepsie announced today that it will realize a surplus in its General Fund for 2017 in the amount of $852,000. This second consecutive year of favorable financial results will further reduce the City’s deficit to $11,052,729.

Mayor Rolison said: “Strong fiscal management brings not only the reward of lowering our deficit, but it also attracts much-needed development to our City. It boosts the confidence that our stakeholders have in City government, which translates into more grants and stronger partnerships. We must smartly leverage opportunities when they come calling because the steps we take today assure our City’s successful future.”

City Administrator Marc Nelson said: “In 2017 the City adopted a Debt Management Policy, improved policies and procedures, and addressed a number of critical infrastructure projects that had been deferred for years due to fiscal constraints. Improving the responsiveness of local government requires that we provide the resources City departments need to accomplish their jobs. For two straight years the Mayor’s annual budget has found the right balance between fiscal restraint and necessary spending.”

The City faced a deficit of $13,061,925 in January of 2016.

In July, 2017 Moody’s Investors Service upgraded the City’s financial outlook from negative to stable.