Poughkeepsie mayor: City's finances trending upwards
Poughkeepsie Mayor Marc Nelson said he was notified the state Comptroller's Office has improved the city's fiscal rating score by two steps going from 'significant fiscal stress' to 'susceptible to fiscal stress.'
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11h agoThe financial situation in Dutchess County's largest city has improved to its best point since 2017.
Poughkeepsie Mayor Marc Nelson said he was notified the state Comptroller's Office has improved the city's fiscal rating score by two steps going from 'significant fiscal stress' to 'susceptible to fiscal stress.'
The state looks at factors, including a municipality's fund balance, cash position and fixed costs.
Mayor Nelson acknowledges the city still has a long way to go but he's proud of the steps taken over the last few years to get its finances back on track.
"If we have our own fiscal home in order you know, we're investing in our water, in our sewer, paving streets, our bond rating is improving well then this is a community that people want to come [to]," he says.
The city of Poughkeepsie still has a negative fund balance of about $3 million, which is down from roughly $13 million in the red.
Officials hope to have that debt reduced to zero by next year.
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