News Flash

Stay Informed

Posted on: May 11, 2022

Comptroller Barbara Miller-Williams Issues Response to the Mayor’s FY23 Recommended Budget

Financial Report

City of Buffalo Comptroller Barbara Miller-Williams released the Assessment ofAccuracy of Revenue and Expenditure Assessment response to Mayor Brown’s FY
2022-2023 recommended budget. The Mayor’s spending plan includes appropriationsof $568,248,660 and an increase of $33,671,266 from the Fiscal Year 2021-2022
adopted budget. The administration’s recommended budget is supported by severalnonrecurring revenue sources. “As I have stated in the past, the City must be
very 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 revenues
and appropriations based on prior years’ actual financial results. Furthermore,the spending plan for Fiscal Year 2022-2023 appropriately continues to avoid
utilizing the General Fund fund balance to reconcile its budget. “Nevertheless,meeting the financial obligations in out-year budget projections of rising
operating costs and annual fixed/contractual costs, such as pensions, otherpost-employment benefits (OPEB) and debt, which comprise a third of the City of
Buffalo’s current budget, remains a long-term concern” said Miller-Williams.

TheComptroller’s analysis strongly recommends that the Administration and the
Buffalo Common Council in conjunction with the Buffalo Fiscal StabilityAuthority (BFSA) to develop a comprehensive plan to the address the City’s
fiscal sustainability beyond the useful life of federal stimulus funds from theAmerican Rescue Plan Act. The Comptroller’s office will continue to monitor
revenues, expenditures, debt, and cash trends and looks forward to implementingthe industry’s best practices to protect the City’s future financial stability.

Facebook Twitter Email