Welcome Log out
Have any questions or concerns? Give us your feedback
Too many question marks surround revenues
in proposed budget, warns Schroeder
Comptroller also criticizes "unprecedented" use of reserves to close budget gap
Comptroller Mark J.F. Schroeder said that there is too much uncertainty surrounding more than $15 million in revenue in Mayor Byron Brown's proposed budget, and he is also concerned about the use of nearly $28 million in reserves to close the budget gap.
"Because of the structural budget deficit, an unprecedented amount of reserves will be needed to balance the budget," said Schroeder. "That will weaken the City’s strong cash position, which had been a major factor in improving Buffalo’s bond ratings."
The Comptroller said that the several significant sources of revenue, both in the 2014-2015 recommended budget and the four-year financial plan, appear to be overly optimistic. This overestimation of revenues could result in an even greater amount of reserves being needed to balance the budget, both in the next fiscal year, and subsequent years, Schroeder added
"It appears the recommended budget and four-year plan were prepared envisioning a best-case-scenario unfolding. While many of the assumptions included in the budget are possible, the likelihood of all of them coming true is highly unlikely," Schroeder said. "It would be prudent to adopt more conservative budgeting practices that rely more on historical trends and solid evidence than speculative assumptions."
Click the icon below to read the report:
Watch this Comptroller's Corner Special Report on the Budget:
© 2001-2011 City of Buffalo
Photos by Angel Art LTP, compliments of the Greater Buffalo Convention and Visitors Bureau. Additional photos by Adrian Roselli, compliments of Algonquin Studios