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Home > Leadership > City Comptroller > Archive Press Releases > 2009 Press Releases > Comptroller SanFilippo Says Year-End Results Show City Maintaining Strong P

Comptroller SanFilippo Says Year-End Results Show City Maintaining Strong Position

Contact: 
Tony Farina 716-851-5255

Buffalo City Comptroller Andy SanFilippo announced today that a final accounting of the numbers for the 2007-08 fiscal year show the city maintaining a strong surplus and completing a third consecutive year of structurally balanced budgets, meaning without the borrowing assistance of the Buffalo Fiscal Stability Authority (BFSA).

“There is good news to report about city finances,” said Comptroller SanFilippo.  “We ended the 2007-08 year with a total fund balance of $133.3 million, an increase of about $15.9 million over last year’s record finish.  This is particularly reassuring given the very serious budget shortfalls facing state government and the likely cutbacks in state aid to cities like Buffalo in future years in the face of those deficits.

Gov. Paterson has warned that New York State faces a $47 billion budget deficit over the next four years, with at least a $1.5 billion gap this year and a $12.5 billion hole next year.

“This is no time to loosen the purse strings or let down our guard,” said Comptroller SanFilippo.  “We must continue to steer the conservative course we have charted that has led us to record surpluses, helped us establish a $30.2 million rainy day fund, and enhanced our bond rating.
 
Comptroller SanFilippo credited the policies of the administration of Mayor Brown and the fiscal restraint and vigilance of city lawmakers with helping the city end the year with an undesignated, unreserved fund balance of $58.9 million, down from last year’s number of $76 million due to the designation ($30.2 million) for the rainy day account.

The comptroller also acknowledged the contributions of the BFSA over the last several years in helping the city regain its footing but expressed confidence that Buffalo is at the point where it can operate independent of the control board and save the more than $1 million annual cost of the oversight panel and trigger the release of more than $14.7 million in special state aid being held by the board.

“We have had three straight balanced budgets, one of the criteria for moving the control board from a ‘hard’ panel into a ‘soft’ or advisory role,” said Comptroller SanFilippo.  “Over the last year, during which the wage freeze was lifted, the administration successfully negotiated two important labor contracts with its blue and white-collar work force and I feel confident that future agreements are possible and can be negotiated within the ability of the city’s resources.  I think we now have a record of that fiscal discipline that cannot be dismissed.”

The 2007-08 year-end numbers show revenues of $442 million, up $32.8 million over last year and $18.5 million over budget.  Additional state aid of $14.3 million, $11 million in AIM funding, and $3.3 million more in property tax money helped boost the revenue line.

Expenditures and encumbrances totaled $412.1 million, $3.6 million under budget.  In total, expenditures were up by $41.5 million, boosted by an $11.1 million increase in personal services costs and an increase of $10.1 million in fringe benefits, costs due in part to the two new labor agreements.  Utilities were down $3.3 million and the cost of supplies up $1.4 million, with $800,000 of that due to higher gasoline costs.

Sales tax came in at $4.4 million over budget after backing out BFSA costs of $1 million and debt service costs of $3.4 million.  In addition, parking fines were slightly less than $1 million under budget while earnings on investments by the comptroller came in $4 million over budget,

“The city’s total fund balance has increased steadily for the last five years,” said Comptroller SanFilippo, “and as I stated last year on the release of the year-end numbers, that kind of performance is cause for optimism.  We’re still moving forward although we are certainly aware of the weakness of the nation’s economy during this recession and the painful choices facing state leaders that will ultimately impact us all.”

Comptroller SanFilippo said he also shared the deep concern about the worsening auto industry crisis with State Comptroller Thomas DiNapoli and its possible impact on the state, particularly in the Buffalo area where there is a high concentration of auto manufacturing jobs.

“There is cause for concern on many fronts,” said the comptroller, “ but at least here in the city we are managing to continue to improve our finances and have clearly strengthened out ability to meet the challenges ahead.    We must try and stay ahead of the game and be prepared for what comes.  I’m confident that we can meet the challenges and still provide the important services to our citizens at the best possible cost.”