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Home > Leadership > City Comptroller > Archive Press Releases > 2010 Press Releases > Record Breaking Fund Balance

Record Breaking Fund Balance

CONTACT: ROBBIE ANN McPHERSON
(716) 851-4987 office (310) 433-7443 cell


CITY COMPTROLLER ANNOUNCES RECORD-BREAKING FUND BALANCE IN YEAR-END FINANCIALS


City has now met all criteria for Control Board to revert to advisory status

Comptroller Andrew A. SanFilippo announced the City’s year-end financial results Wednesday for the fiscal year ended June 30, 2010, reporting a record $142.7 million dollar fund balance.  SanFilippo also announced that the City has met all the legislative requirements to allow the Buffalo Fiscal Stability Authority to revert to advisory status.

“This is a proud day for the City of Buffalo,” said SanFilippo. “Through prudent budget practices, painful layoffs and cuts, a debt diet, and fiscal restraint, the City is in good shape to face what we all know will be a fiscal crisis in Albany next year,” he said, adding, “And we have done this while lowering property taxes.”

The City’s commercial property tax rate has decreased from a ten-year high of $39.69 in the 1999-2000 fiscal year to $32.06. The residential tax rate decreased from a high of $21.69 in the 2004-2005 fiscal year to $18.45 per $1,000 in assessed value.

The City’s final accounting for the fiscal year 2009-2010 shows that in spite of a $1.7 million cut in state aid, last year’s record fund balance still increased by $4.1 million to $142.7 million.

Buffalo’s undesignated, unreserved fund balance—monies that are free and clear for general purpose use—is now $49.9 million, which grew $1.75 million from last year.

The City’s rainy day fund also increased from $33.6 million in fiscal year 2008-2009 to       $34.3 million, adding up to a cushion of $84.2 million dollars.

More importantly, the City also reached a fiscal milestone by meeting all the legislative demands required for the Buffalo Fiscal Stability Authority Control Board to revert to advisory status.

“We have earned the right to make our own fiscal decisions,” said SanFilippo. “Mayor Brown, the Common Council and my office have worked together to implement budgetary restraint and smart fiscal management policies. And these unprecedented numbers are the results,” he added.

“I believe many localities in this nation would be hard-pressed to match the success that the City of Buffalo has achieved in this very fiscally stressed government climate,” SanFilippo said.

“We certainly appreciate the guidance offered by the Buffalo Fiscal Stability Authority over the years, and mutually, we recognize that the time for them to go dormant is now,” SanFilippo said.

Common Council President Dave Franczyk added, “We have all focused on improving the City’s finances resulting in these outstanding numbers, and now that we have met the criteria for a soft control board, the Common Council will continue to work with the Mayor and the Comptroller’s office to ensure that Buffalo stays on this path.”

SanFilippo said he plans to hold a special event presenting the City’s solid financial standing to the local business community in early 2011.

“We want to get the message out that Buffalo has demonstrated its ability to provide essential services while keeping the costs of government down, in spite of the challenging economic times. We have the resources to pay the bills, we have reserves for unexpected large expenses like a weather emergency, and we’ll continue moving the City in a positive fiscal direction for the future,” SanFilippo said.

But in spite of the good news, SanFilippo strongly warned that Albany’s impending fiscal crisis and the current economic conditions require a very cautious approach to the City’s finances.

“More cuts in state aid, higher pension contributions, and the always unpredictable, escalating cost of healthcare are very dark storm clouds on the horizon,” SanFilippo said.  “We must continue to implement conservative budgeting, maintain our debt cap, and proceed with caution.  It is not time to put away the umbrella just yet,” he added.