UTICA, N.Y. — Fitch Ratings, Inc. has upgraded the City of Utica’s financial outlook, Mayor Robert Palmieri and Comptroller Bill Morehouse announced in a news release issued Monday.
Fitch’s decision marks the second consecutive year a financial-rating institution has upgraded Utica’s outlook, the officials noted.
Standard & Poor’s Financial Services, LLC boosted the city’s outlook in 2014.
In its report, Fitch said its upgrade reflects the “overall stabilization” of Utica’s financial profile, including “increased” general-fund reserves, “better” financial-reporting practices, and “improved” managerial collaboration.
The report added that Utica has “successfully” rebuilt its reserves to levels that Fitch considers “adequate.”
Palmieri and Morehouse contend the upgrade is the result of “cooperation and teamwork throughout city government and a definitive sign that Utica is moving in the right direction.”
“By working together we have turned million-dollar deficits, a negative outlook and a negative fund balance into million-dollar surpluses, an upgraded outlook and a fund balance that currently stands over $3 million,” Palmieri noted in the news release.
He thanked Morehouse, the Utica Common Council, and partners who helped Utica in its “financial recovery.”
“The upgrade of our financial outlook is welcomed news and a testament to the strong working relationship and teamwork between the Mayor and Comptroller’s office,” Morehouse said in the release.
Contact Reinhardt at ereinhardt@cnybj.com