City Announces 2016 Surplus: Pays-Down General Fund Deficit by $873,904
CITY ANNOUNCES 2016 SURPLUS
PAYS-DOWN GENERAL FUND DEFICIT BY $873,904
Mayor Rob Rolison said today that the City of Poughkeepsie ended 2016 with a surplus in its General Fund of $873,904, which is applied to reduce the City’s cumulative fund balance deficit.
“The City ended 2015 with a $1.9 Million Dollar deficit, so clearly our efforts to cut costs and stabilize the budget are having a real impact on our overall financial condition”, said the Mayor.
The City’s general fund deficit has now been reduced to approximately $11.9 Million.
City Finance Commissioner, Marc Nelson, said “with a negative fund balance, we obviously have zero reserves, which makes budgeting and forecasting accuracy absolutely essential. It’s very clear that the decisions made since the beginning of 2016 are behind the stabilization of the City’s finances.”
In December, 2016 Moody’s Investors Service issued a “Credit Positive” statement about the City’s financial condition, saying its 2017 budget signaled a move towards “structural balance”.
Seven months later, in July, 2017, the credit rating agency upgraded their outlook for the City from “negative” to “stable”.
“Our Finance Committee, Councilmen Lee Klein (R-4th Ward) and Mike Young (D-2nd Ward), have provided important leadership on financial matters, and their team approach on problem-solving has made a big difference”, said Mayor Rolison.
“These financial results signal an improving ability to govern more proactively and to address more of the issues that have gone unattended in our community for far too long”, the Mayor said.