Schenectady sees surplus
Home sales, casino helped exceed expected revenue
The city expects an endof-2018 surplus in the range of $100,000, according to current projections from City Finance Commissioner Anthony Ferrari.
He cautioned Tuesday, a day after Mayor Gary Mccarthy made the revelation in his state of the city speech, that the final figure could fluctuate between now and when the city officially closes the book on last year’s finances in late March. To celebrate the achievement, Mccarthy ordered Monday night that the clock tower at City Hall be lighted up green.
In 2017, the city was in the red with a $1.68 million budget deficit.
On Tuesday, Ferarri said he and his staff will soon be convening weekly meetings to discuss “end of the year” financial matters.
He said the city will close out the books and then submit the final fiscal reports for review by the state.
“We have stable outlook,” he said. “Our property values are going up and taxes are going down, it’s like the perfect combination.
Ferrari said more than $2.4 million in revenue was collected from the sale of 146 foreclosed properties last year, a record. The city’s take from the casino is also expected to be higher that what the city expected, said Ferrari.
“I think we budgeted like $2.2 million, but I think we’re looking at maybe $2.4 million,” said
He also said the city’s H.O.M.E.S (Home Ownership Made Easy ) program has been hugely successfully, generating about $2 million in 2018.
Despite police officers earning massive amounts of overtime that in some cases exceeded their base pay, Ferrari said the city last year managed to rein in overtime for both the police and fire departments in comparison to previous years.
“A lot of it has to do with managing our expenses too,” added the finance chief. “We keep our overtime with police and fire under or at budget.”
City Council President Ed Kosiur said Tuesday that word of the surplus was welcome news to him but he wants toseea detailed fiscal report with the particulars.
‘This is something that should be shared with the entire council and the public,” said Kosiur. “Where was that savings and what department was it from.”
He said he asked City Council Finance Committee Chairman John Polimeni to put the matter on the agenda when the governing body meets Tuesday. Monday, when they normally meet, is the Martin Luther King Day holiday.