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April 4, 2022
Buffalo, NY - S&P Global has upgraded the City of Buffalo’s Bond Rating Outlook from “Negative” to “Stable” and continues to assign an “A+” long-term rating on the general obligations (GO) debt rating. The City Outlook was upgraded due to positive financial operations in Fiscal Year 2020-2021 and an anticipated surplus in Fiscal Year 2021-2022.
Due to an increases in sales tax, parking revenue, receipt of funding from the American Rescue Plan Act (ARPA) and New York State AIM (Aid Incentives for Municipalities) payments, the city closed Fiscal Year 2020-2021 with $104.3 million in the fund balance account. That was a $14.8 million increase from the prior year and S&P Global noted that contributed to the improved rating. S&P Global cautioned that high fixed costs, such as pension and other post-employment benefits (OPEB), which comprise 30.3% of the City of Buffalo’s current expenses, remain a concern because no long-term restricting plan or anticipated new revenue to meet these obligations has been adopted. Comptroller Miller-Williams stated, “The City closed the year with reserves in the fund balance account; it is important to maintain this course in order to continue a strong fiscal outlook.”
Comptroller Miller-Williams remains committed to collaborating with the Mayoral Administration, Buffalo Common Council Members, and the members of the Buffalo Fiscal Stability Authority to assist with formulating solutions to address the City’s financial matters.