Thu January 3, 2013
City finances face new scrutiny
Buffalo Comptroller Mark Schroeder says City Hall is going to have to change some of its fiscal ways.
With city government in the very early stages of preparing the next budget, the comptroller is issuing some warnings about what not to do and what he might do.
He says the city has to stop dipping into fund balances to make budget numbers work, saying profits from city parking operations are being grabbed to make up for the $3 million annual deficit in garbage operations.
"Filling budget gaps with fund balance is unsustainable. We've said it. The rating agencies have said it," Schroeder said.
"I believe it's time to solve some of these long-term problems and we're trying to do the best we can in working with the administration to try to solve some of them."
Schroeder says he may not approve some of the borrowing plans for capital projects if the money can't be spent in the next year or so, with millions sitting around from many years ago unspent.