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Home > Leadership > City Comptroller > Press Releases > Fiscal Integrity Law Enacted

Fiscal Integrity Law Enacted

Before Buffalo’s control board transitioned from hard to soft, Buffalo Comptroller Mark J.F. Schroeder proposed legislation that would amend the city’s charter to include one of the most critical requirements imposed by the control board – the four-year financial plan.

The Buffalo Common Council agreed with Schroeder on the value of long-term planning, unanimously passing the Buffalo Fiscal Integrity Law  on October 2.  Mayor Byron Brown signed it into law today.

“I would like to thank and commend Mayor Brown and the Common Council for taking a major step in protecting the city’s finances,” said Schroeder, who gave special thanks to Council President Richard Fontana, who introduced the law and made its passage a top priority.  “The four-year plan has helped improve the city’s finances over the past few years.  We didn’t want that to go away just because the hard control board did.”

Schroeder said that the legislation will help continue the great progress Buffalo has made in improving its fiscal outlook, which has resulted in the highest bond ratings in the city’s history.  Moody’s upgraded the city’s bond rating to ‘A1’ earlier this year, and it has an ‘A+’ with Fitch and an ‘A’ with Standard & Poors.

“In their reports, the credit rating agencies viewed the control board as an asset,” said Schroeder.  “Buffalo has now shown Wall Street its commitment to putting our own financial controls in place, without the control board.”