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Home > Leadership > City Comptroller > Press Releases > SanFilippo Says Strong Numbers Show City's Resurgence Continuing

SanFilippo Says Strong Numbers Show City's Resurgence Continuing

  Buffalo City Comptroller Andy SanFilippo announced today that the city’s year-end unaudited  numbers for the 2005 –06 fiscal year show a total fund balance of $95.6 million and an undesignated, unreserved fund balance of $56.1 million, both significant increases from last year’s closing figures.

    “These numbers reflect a city that has made huge strides in putting its fiscal house in order,” said Comptroller SanFilippo, “ and show the recovery that began in the previous administration is continuing under the current leadership and the Buffalo Common Council.  We still have challenges ahead given the uncertainties on unsettled labor agreements, pension and health care costs, and future state aid, but we’re closing the books on another year of significant growth, and that’s a sure sign that we’ve more than stopped the bleeding from the post 9/11 financial crisis.”

     The $95.6 million total fund balance on the city’s books at the end of the 2006 fiscal year on June 30 represents an increase of approximately $18.6 million from the previous year.  The undesignated, unreserved fund balance is up $16.9 million.

     Comptroller SanFilippo said the upward trend in fund balance “indicates that along with help from the BFSA, the city is managing its finances better and is learning to live within its means.  I am optimistic that if we continue to move in this direction, that if we continue to show discipline across the board, it won’t be long before we can stand on our own.” 

     As evidence of that discipline, SanFilippo pointed to the year-end numbers that show revenues were up $5.5 million over budget and expenditures were $25 million less than anticipated, representing a $30 million positive swing.

     The comptroller stated that even if you back out nearly $27 million in deficit borrowing by the BFSA, and even if you account for the impact of the wage freeze, the city’s remaining undesignated, unreserved fund balance would be $25.6 million. 
                                            
                                                                             

    In accounting for the $5.5 million upswing in revenue over budget for the 2005-06 fiscal year, SanFilippo pointed to increases in property tax revenue of $700,0000, a nearly $1 million increase in revenue from utility taxes, and $3.9 million more from interest earned on investments by his department.

     On the expenditure side, fringe benefit costs came in $10.3 million under budget as pension costs were $2.9 million less than projected and health insurance costs were $6.7 million under budget.  Personal services costs were down a total of $4.5 million and utility costs came in $3 million less than budgeted.

     SanFilippo said the city’s $95.6 million total fund balance before designations and $9.2 million for reserves, represents 28 percent of total fund expenditures.   By comparison, Rochester’s total fund balance of $18.7 million represents 5 percent of total fund expenditures, and Syracuse’s $30.8 million total balance is 17 percent of total fund expenditures.

      Buffalo’s total fund balance has increased steadily since 2002-2003 when it jumped $16.3 million.  The increase was more than $7 million for 2003-04, $23 million for 2004-05, and $18.6 million for the fiscal year just ended.

      “The numbers, even accounting for the BFSA’s contributions, are cause for cautious optimism about the future,” said SanFilippo.  “We’re a leaner government (more than 800 jobs cut since 2001-02), we’re paying down more debt than we incur thanks to our capital debt diet, and we’re managing our costs better.  If we continue to run government that way, we can deal effectively with the challenges ahead in the out-years.”