Skip Navigation

  1. City Departments
    1. Accounting
    2. Administration, Finance, Policy and Urban Affairs
    3. Administrative Adjudication
    4. Assessment and Taxation Department
    5. Audit
    6. Board of Education
    7. Buffalo Arts Commission
    8. Buffalo Police Department
    9. Buffalo Urban Renewal Agency(BURA)
    10. Buffalo Water Authority
    11. 1 more items...
  2. City Services
    1. ePermits
    2. City Tax Payments
    3. City User Fee Payments
    4. Parking Ticket Payments
    5. Adjudication Payments
    6. Rental Registration
    7. City Phone Directory
    8. Water / Sewer Payments
    9. Renewal of Dog License Payments
    10. Payment Cart
    11. 1 more items...
  3. Our City
    1. Architecture and Landscapes
    2. Arts and Culture
    3. All America City
    4. Buffalo Waterfront
    5. Buffalo My City
    6. Buffalo At Home
    7. Buffalo Convention Center
    8. Buffalo Niagara Convention and Visitors Bureau
    9. Buffalo Sister Cities
    10. Buffalo TV Access Channels
    11. 1 more items...
  4. News and Calendar
    1. Cars Sharing Main Street
    2. Buffalo Historic Preservation Plan
    3. Scajaquada Corridor Study
    4. Buffalo's Intensive Level Historic Buildings Reconnaissance Survey
    5. Peace Bridge Expansion Project Workshop Schedule
    6. The Queen City in the 21st Century
    7. Calender of Events
  5. CitiStat Buffalo

Home > Leadership > City Comptroller > Press Releases > SanFilippo Reports Successful Bond Sale

SanFilippo Reports Successful Bond Sale

Buffalo City Comptroller Andrew A. SanFilippo announced today that his office has completed a $30.1 million capital projects bond sale marking the first time since 2004 that the city has borrowed money without assistance from the Buffalo Fiscal Stability Authority (BFSA).

“I’m pleased to report that this capital bond sale for important city and school projects was completed with an average interest rate of 4.71 percent, a very competitive figure in the marketplace and another sign of Buffalo’s fiscal recovery and ability to stand alone in the credit markets,” said Comptroller SanFilippo.

The capital bond sale includes $22 million for city projects, including $2.8 million for fire apparatus, $4.8 million for the Bailey-Kensington fire station, $3.6 million for citywide infrastructure improvements, and $1 million for city parks.  The remaining $8.1 million for the schools includes $4.1 million for computer technology and $1.9 million for the American Disabilities Act to help make schools handicapped compliant. 

“We have made significant strides over the last several years in recovering from the financial challenges we and other cities faced after the horrendous attacks of 9/11,” said SanFilippo.  “I’m optimistic that we can continue to move forward in the coming months and add to our growing fund balance while still meeting the needs of our citizens.”

SanFilippo said going to market without the assistance of the control board and conducting a successful and competitive bond sale speaks volumes about the city’s emergence from the oversight of the BFSA.

“Our fund balance is growing, our credit rating has received three upgrades in the last 18 months, and we did not need to borrow for short-term cash last fiscal year as many other municipalities routinely do while awaiting late-year state aid for the city and schools,” said the comptroller.  “We’re getting stronger by the day and this unassisted bond sale is dramatic evidence of our stand-alone ability.”