Post by Logan on Apr 17, 2017 1:30:51 GMT -6
Syracuse's next mayor will inherit a city on the brink of serious financial challenges
SYRACUSE, N.Y. -- Syracuse's next mayor will inherit a city on the brink of serious financial challenges.
The city is operating with an annual deficit that ballooned this year to a projected $18.5 million, which is two-thirds of the city's reserves. If that trend continues, Syracuse could deplete its reserves in the next three years.
Compared to other Upstate cities, Syracuse has fared relatively well. A fiscal control board took over in Buffalo. Albany needed a $12 million state bailout to pay its bills this year and last year. Monroe County (home to Rochester) and Broome County (home to Binghamton) are the two most fiscally stressed counties in the state, as measured by the state comptroller.
"Albany is in much worse shape than Syracuse," said E.J. McMahon, president of the Empire Center, a fiscally conservative public policy group in Albany.
Read more: www.syracuse.com/news/index.ssf/2017/04/at_the_current_rate_syracuse_will_go_broke_on_the_next_mayors_watch.html
SYRACUSE, N.Y. -- Syracuse's next mayor will inherit a city on the brink of serious financial challenges.
The city is operating with an annual deficit that ballooned this year to a projected $18.5 million, which is two-thirds of the city's reserves. If that trend continues, Syracuse could deplete its reserves in the next three years.
Compared to other Upstate cities, Syracuse has fared relatively well. A fiscal control board took over in Buffalo. Albany needed a $12 million state bailout to pay its bills this year and last year. Monroe County (home to Rochester) and Broome County (home to Binghamton) are the two most fiscally stressed counties in the state, as measured by the state comptroller.
"Albany is in much worse shape than Syracuse," said E.J. McMahon, president of the Empire Center, a fiscally conservative public policy group in Albany.
Read more: www.syracuse.com/news/index.ssf/2017/04/at_the_current_rate_syracuse_will_go_broke_on_the_next_mayors_watch.html