City Of Utica Finishes With A $2.6 Million Budget Surplus

The City of Utica is releasing the results of an audit of Mayor Robert Palmieri’s ninth year in office.

The audit for 2020-21 showed a budget surplus of $2.6 million, the city’s ninth consecutive budget surplus.

Here is a breakdown of the city’s last nine fiscal years:

FY 2012-2013: $931,000 surplus
FY 2013-2014: $1.5 million surplus
FY 2014-2015: $345,000 surplus
FY 2015-2016: $750,000 surplus
FY 2016-2017: $377,000 surplus
FY 2017-2018: $531,000 surplus
FY 2018-2019: $667,029 surplus
FY 2019-2020: $1,089,014 surplus
FY 2020-2021: $2.6 million surplus

Palmieri says the surplus stems from the implementation of conservative budget practices, the growth and expansion of Utica’s economy and the expansion of its tax base despite the setbacks of the pandemic.

“In collaboration with Comptroller Morehouse, and other partners in city government, we have worked diligently to control expenses and foster a positive environment for economic growth and development. I recognize and thank dedicated city staff for their hard work in securing a ninth consecutive budget surplus.” said Palmieri.

As a result of the city’s continued fiscal responsibility, all of the three major financial credit rating institutions Moody’s, Standard & Poor’s, Fitch have upgraded the city’s credit rating over the past several years with Moody’s recently upgrading the city’s fiscal outlook.

“Today’s announcement is yet another example of how everyone is working together proactively to overcome the negative fiscal impact of the pandemic and strengthen our financial position. Securing a surplus is a testament to strong leadership, the implementation of smart fiscal policies and cooperation throughout city government,” said Comptroller William Morehouse.

Palmieri also says the city’s previously depleted unrestricted fund balance now stands at over $11 million, its highest level in decades.