http://www.bizjournals.com/albany/news/2012/11/13/schenectadys-fiscal-picture.html?page=all


Schenectady's fiscal picture improving, says DiNapoli


New York State Comptroller Thomas P. DiNapoli said recent growth in the tax base and commercial expansion downtown are helping offset financial problems in the city of Schenectady, New York.

“The ongoing efforts of the mayor and city officials to achieve cost savings and encourage economic growth have started Schenectady down the path to recovery,” DiNapoli said in an audit released Tuesday. “But the city still faces a number of challenges. Continuing sound, sensible budget management is vital to keeping city finances on the right track.”

DiNapoli said Schenectady is similar to other cities with financial problems: it has struggled to balance its budget, has limited resources to finance future needs, and has minimal cash to pay current liabilities.

The problems are compounded in Schenectady, where the unemployment rate is above the statewide average for all cities; median household income is well below the statewide median; and an increasing number of families live below the poverty line.

The city also has a higher-than-average number of vacant housing units and continues to suffer from unpaid property taxes.

Moody’s Investors Services downgraded the city’s bond rating in September, citing a worsening financial position for fiscal year 2012 and beyond. Moody’s rating reflected the amount of delinquent real estate taxes and rising expenditures in the city, as well as above-average debt burden and below-average socio-economic indicators.

On the positive sign, state auditors found city officials have adopted realistic budgets and have not exceeded budgeted spending over the last four years. And, actual operating deficits were less than budgeted.

Mayor Gary McCarthy last week vetoed the budget for 2013, which would have raised property taxes by 1.7 percent.

The city’s downtown has seen a resurgence over the past decade as the taxpayer-financed Schenectady Metroplex Development Authority has worked with private developers on new office buildings, restaurants, and a movie theater.

YOU HAVE GOT TO BE KIDDING ME......

joebxr lol  

joke teller

Clueless.  They kept under the bloated irresponsible Operational budget.  Well it is the financing.  Like the Taj Garage and the next moody downgrade and employee benefits that is going to kill us.  The county and school will be fighting for the same dollars as well.  Improving but still imploding.  Nice spin.

It's hard to believe that downtown businesses aid the taxpayers plight when the businesses are all tax exempt and go bankrupt when the exemption ends.

Things are improving in China not Camden North. They can't handle the truth. The real audits differs from the spin meisters version.

Improving?


Did you read that, that the tax base is growing?   HA, they need to take a look at the numbers right off the official assessment roll!  

Quoted from joebxr

YOU HAVE GOT TO BE KIDDING ME......

Since when did DiNapoli start writing Gazetto material???

Does he even KNOW what's going on here??? Or did he just do a drive-thru when Obama came to GE?  

Maybe the last few dollars in the Plex Pot are paying for this pulp fiction.

PATHETIC!!!!!!!!

re-leveraging and virtual value.....

they will tell us the value of our homes, continue to levy against them, collect taxes, continue the county services and sing
cumbaya and the gerrymandering will continue....

it's not worth owning a home because they will only let it be worth a certain amount for the collection of taxes for a bloated
system that is guided by MOODYS AND STANDARD AND POORS....

anyone can 'fix' a math problem but the meat isn't there

And did you see!   Did you see the speaker who brought up Philip Morris' two STAR exmptions!!!!!

WHOO WHOO!

Now let's see the city make him pay it back, it will probably come out of Proctor's petty cash

Can't you all just SEE the improvements happening EVERYWHERE in the city?

People are coming unhinged.  

Lots of reputible people who have lived in the city 25 years or more are becoming vocal.  The bee hive is buzzing.  Not about all the lipstick on the pig though.