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Buffalo,NY-City of Buffalo Comptroller Barbara Miller-Williams released the Assessment ofAccuracy of Revenue and Expenditure Assessment response to Mayor Brown’s FY2022-2023 recommended budget. The Mayor’s spending plan includes appropriationsof $568,248,660 and an increase of $33,671,266 from the Fiscal Year 2021-2022adopted budget. The administration’s recommended budget is supported by severalnonrecurring revenue sources. “As I have stated in the past, the City must bevery cautious about relying on one time federal and state monetary sources ofincome and protect against future transfers from the fund balance reserves,”said Comptroller Barbara Miller-Williams.
Therecommended budget by the Administration currently reflects credible revenuesand appropriations based on prior years’ actual financial results. Furthermore,the spending plan for Fiscal Year 2022-2023 appropriately continues to avoidutilizing the General Fund fund balance to reconcile its budget. “Nevertheless,meeting the financial obligations in out-year budget projections of risingoperating costs and annual fixed/contractual costs, such as pensions, otherpost-employment benefits (OPEB) and debt, which comprise a third of the City ofBuffalo’s current budget, remains a long-term concern” said Miller-Williams.
TheComptroller’s analysis strongly recommends that the Administration and theBuffalo Common Council in conjunction with the Buffalo Fiscal StabilityAuthority (BFSA) to develop a comprehensive plan to the address the City’sfiscal sustainability beyond the useful life of federal stimulus funds from theAmerican Rescue Plan Act. The Comptroller’s office will continue to monitorrevenues, expenditures, debt, and cash trends and looks forward to implementingthe industry’s best practices to protect the City’s future financial stability.