Last Monday, State Comptroller Tom DiNapoli issued a report which finds that better budgeting, increased state aid and fiscal control board oversight have resulted in an improvement in the finances of New York State’s second largest city.
But the news is not all good – it cautions that the city still faces “several negative demographic factors,” including population decline and a high child poverty rate.
Comptroller DiNapoli said:
“Buffalo’s finances are trending in the right direction. Sensible budgeting, improved revenue growth and increased economic development are responsible for the city emerging from years under a financial control board. The leadership of Mayor Brown, city officials and members of the oversight board has been instrumental in creating a positive fiscal outlook for Buffalo, but there are a number of red flags they should be wary of moving forward. I urge city officials to continue their cautious fiscal approach and be vigilant when it comes to long-term financial planning.”
This is good news. But we have to be mindful that but Buffalo – like many local governments Upstate – still faces many fiscal challenges.