Fulton, a city of 7,000 in Oswego County, has become the first city in the state to request assistance from the Financial Restructuring Board (FRB), which Gov. Cuomo launched in September.

 

Fulton is facing the same challenges that many other Upstate cities face today – a declining tax base (due in part to the loss of large industries) but increasing pensions and health care costs.

 

The FRB will help eligible municipalities manage their finances and provide public services in a more cost-effective manner. It the city accepts it the Board’s recommendations, it can receive up to $5 million.  The Board can also serve as an alternative binding arbitration panel, if both the local government and the impacted unions agree.

 

Fulton will certainly not be the last Upstate city to seek assistance of this nature.