UTICA, N.Y. — Fitch Ratings, Inc. has upgraded the City of Utica’s financial outlook, Mayor Robert Palmieri and Comptroller Bill Morehouse announced in a news release issued Monday.
Fitch’s decision marks the second consecutive year a financial-rating institution has upgraded Utica’s outlook, the officials noted.
Standard & Poor’s Financial Services, LLC boosted the city’s outlook in 2014.
(Sponsored)
Ask the Expert: How Registered Apprenticeship Can Solve Employers’ Workforce Challenges
In today’s competitive labor market, employers face growing challenges: finding skilled workers, retaining top talent, and preparing for rapid technological change. Traditional hiring methods alone aren’t keeping up. That’s where
Assessing the Likely Tax Impacts of the 2024 Election
President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified
In its report, Fitch said its upgrade reflects the “overall stabilization” of Utica’s financial profile, including “increased” general-fund reserves, “better” financial-reporting practices, and “improved” managerial collaboration.
The report added that Utica has “successfully” rebuilt its reserves to levels that Fitch considers “adequate.”
Palmieri and Morehouse contend the upgrade is the result of “cooperation and teamwork throughout city government and a definitive sign that Utica is moving in the right direction.”
“By working together we have turned million-dollar deficits, a negative outlook and a negative fund balance into million-dollar surpluses, an upgraded outlook and a fund balance that currently stands over $3 million,” Palmieri noted in the news release.
He thanked Morehouse, the Utica Common Council, and partners who helped Utica in its “financial recovery.”
“The upgrade of our financial outlook is welcomed news and a testament to the strong working relationship and teamwork between the Mayor and Comptroller’s office,” Morehouse said in the release.
Contact Reinhardt at ereinhardt@cnybj.com
