UTICA — The city of Utica has recorded a budget surplus for the sixth time in as many fiscal years, city officials said Thursday in a news release.
The suplus for the 2017-18 fiscal year was $531,000, the release states. That leaves $6.7 million in the city's fund balance.
Mayor Robert Palmieri and Comptroller Bill Morehouse said in the release that the current surplus stems from "several positive fiscal trends, including the significant expansion of the city’s tax base and increased sales tax revenue, which is a strong indicator of economic growth."
The city also received $750,000 in revenue from selling the Utica Marina and the former General Electric Building on Bleecker Street, the release states. The city also is working on a project to reduce utility costs by upgrading its existing street lights to more energy-efficient models.
Since fiscal year 2012-13, the city has recorded a surplus of between $345,000 and $1.5 million each year, the release states. Utica also currently has as an "A" credit rating with Standard & Poor's for the first time in 30 years.
Palmieri is expected to present next year's budget to the Common Council's Board of Estimate and Apportionment in the next several weeks.
"By working collaboratively with Comptroller Morehouse and other partners in city government, we have established a trend of financial stability and responsibility in securing a sixth consecutive surplus," he said in the release. "We’ve lived within our means and our positive turnaround has been recognized by all the financial institutions.”