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City Projects 2017 Surplus

City Projects 2017 Surplus

Projected $759,000 Surplus in FY-2017 will further reduce General Fund deficit

Mayor Rob Rolison said today that the City of Poughkeepsie is projecting a year-end general fund surplus of approximately $759,000. The favorable result for 2017 will reduce the city’s cumulative general fund deficit, and further builds on the success achieved in 2016. “This result not only continues our march in the right direction, but it validates our decision to stay under the tax cap in 2018, and to give our restructuring efforts time to take hold”, said Mayor Rolison.

City Commissioner of Finance William Brady said “This is an encouraging finish to a year where we also adopted a strong debt management policy, and began to replace aging equipment, vehicles and infrastructure. We also note improving liquidity and more stable cash flow, which provides flexibility needed to take advantage of cost savings on an opportunity basis without resorting to short-term borrowing”.