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Schenectady finishes year in the black

No need to tap reserves to balance budget in 2012

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The city finished 2012 with a $3.5 million surplus, Mayor Gary McCarthy announced Thursday. The city also didn’t spend a dime of its savings. McCarthy had budgeted $5.4 million from reserves to balance the budget, but he didn’t need to touch those accounts. That eliminates the city’s structural deficit, created because for many years it relied on savings to balance its budget. Auditors last year urged the city to stop spending its savings and match ...

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comments

Fritzdawg
May 17, 2013
2:37 a.m.

[ Flag Post ]

I am going to assume that this is some type of attempt at satire.

reader1
May 17, 2013
10:29 a.m.

[ Flag Post ]

Kathleen Moore - Major error in this article. Police Department coming in under budget is NOT "a rare occurrence." The only year police department did not come in under budget in recent years was 2011. That was because that was the only year they drastically cut police OT budget and did not allow them to use salary surplus to counterbalance other budget overages. Thus, the PD finishing in the red in 2011 was the rare occurrence. How do you get something like that wrong? And, if quoted accurately - I'm surprised the Mayor does not know that?

artbarb
May 29, 2013
10:22 a.m.

[ Flag Post ]

where can we find online copy of the city's 2012 financial statements? to see for ourselves.

city borrowed 7 million more in May 2013 than in May 2012 - what part does this additional debt play in the 'structural fiscal health of the city?' where are the additional revenues coming from to pay off this additional $7 million?

Is this too hard to explain? Better that nobody knows?

$66,886,355
CITY OF SCHENECTADY
SCHENECTADY COUNTY, NEW YORK
$66,886,355 Bond Anticipation Notes, 2013
$10,000,000 AT AN INTEREST RATE OF 0.70%-NOT REOFFERED
JPMORGANCHASEBANK,N.A.
$56,886,355AT AN INTEREST RATE OF 1.50% TO YIELD 0.75%
CUSIP#: 806449N75
Dated: May 16, 2013 Due: May 16, 2014

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