Thursday, 20 March 2008

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review also criticizes the city for underfunding its water and sewer funds by $3.2 million, adding it needs to provide more money to the sewer fund to plan for its participation in the Combined Sewer Overflows Long Term Control Plan. The plan is meant to help the city, as well as other municipalities along the Hudson River edge, fall in compliance with the Federal Clean Water Act by preventing untreated waste from entering the river.

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shift in the method of financing capital costs from using traditional budget appropriations to issuing debt indicates potential cash flow issues and fiscal stress and was likely caused, in part, by the city depletion of the capital reserve, Deyo wrote.

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TROY >> The vote on the city 2014 budget probably could have waited, according to Mayor Lou Rosamilia, following criticism released publicly by the New York State Comptroller Office on Monday.

Councilman Mark McGrath, R District 2, said the negative response from the comptroller reflects what he has been saying for some time.

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The city was also criticized for leaving its capital plan underfunded by $1.4 Mbt Shoes Uk Back In Action million for 2014 with a proposed expenditure of $2.1 million with only $57,720 in its general fund for equipment and capital improvements.

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a result of our reviews of the 2012 and 2013 proposed budgets, which cautioned the City against adopting budgets that do not contain provisions to adequately Skechers Memory Foam Shoes

fact is they continually draw on reserves and tell people it okay, McGrath said. on the road to ruin. Rosamilia and City Council President Lynn Kopka much of what was said in the review has been said in years past. The budget, which raises taxes by 1.62 percent, lowered down from 2.76 percent as originally proposed, did not address long term issues, which Kopka said need to be mitigated.

Deyo also criticizes the city for not leaving enough money in its contingency fund, which currently represents less than 1 percent of what the city intends to spend out of its general fund, even though the state recommends it be funded up to 10 percent of its expenditures. With several union contracts yet to be settled, Deyo said the city needs to provide itself more flexibility.

attorney is in communication with the comptroller office and their attorneys to see what the ramifications might be, Rosamilia said. don know what to expect. Mbt Shoes Outlet Europe

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need to really look at the budget and the actions we are taking, Kopka said. need to stop looking at the budget as Skechers Ez Flex 2 Fascination

He went on to add that the city also failed to submit its supporting budget documents to the Office of the Comptroller by an Oct. 15 deadline, turning everything in on Nov. 13, instead. Deyo said it prevented his office from being able to complete its review of the city budget.

a snapshot and look at it as a moving picture. Beam may also be reached at 270 1294.

State criticizes Troy

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The procedure for the more than $66 million budget, which was approved in a 6 2 vote by the City Council on Nov. 14, has come under fire in a letter from Gabriel Deyo, the state deputy comptroller not only because council members never received the agency recommendations before voting on it, but also because it does not leave enough funds in its reserves. The city was also heavily criticized for continuously transferring money out of its water and sewer funds without replenishing them.

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fund tentative plan expenditures, City officials increased sewer rates in 2013, Deyo said, adding that rates still weren raised high enough, though, to meet 2013 projected revenues.

The shortfall could be offset if the city does not spend the amount budgeted for 2013, Deyo said, adding that city officials said that was likely to happen. However, if all of the alloted funds are spent, a deficit could be realized.

The letter indicates the city plans to cover the costs through more transfers and borrowing, but the agency says that it is skeptical of such moves.

The city had turned in its proposed budget to the state by Oct. 7, according to Deyo.

Mayor Lou Rosamilia said they were not sure what would come of the state comptroller review and said the schedule laid out for this year budget process may have needed modifications.

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