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Home > Leadership > City Comptroller > Press Releases > Buffalo’s year-end financials show highest fund balance in city’s history

Buffalo’s year-end financials show highest fund balance in city’s history

Buffalo’s year-end financials show highest fund balance in city’s history

Comptroller Schroeder says increased reserves will be needed to cover upcoming expenses

Comptroller Mark J.F. Schroeder issued the Buffalo’s year-end financials today, which show the city’s fund balance at nearly $166 million, the highest in its 181-year history.

“The record-level fund balance is definitely an indicator of Buffalo’s financial strength,” said Schroeder.  “However, those reserves will be needed to cover some significant upcoming expenses in the near future.”

Nearly $16 million from the Seneca Buffalo Creek Casino came into the city coffers in the fiscal year that ended June 30, representing more than three years’ worth of Buffalo’s share of slot machine revenue.  That revenue, as well as money set aside to cover the new firefighters’ contract and the police union’s arbitration award, helped increase the fund balance by nearly $52 million over the previous year.

Schroeder said that raises included in the new firefighters’ contract, which weren’t budgeted for, and the depletion of additional state aid and other one-time revenues will eat into the fund balance over the next few years.

“Since the budget had already been adopted when the firefighters’ contract was signed and the police arbitration award was given, the pay raises resulting from these developments were not reflected in the current year budget or the four-year plan,” said Schroeder.  “The money that was set aside will be needed, both in this current fiscal year and subsequent fiscal years, in order to cover these raises.”