Sep 30
2019
Buffalo’s budget woes get real
A Wall Street bond-rating agency recently delivered bad, if unsurprising, financial news to the City of Buffalo: The agency had downgraded the city’s credit rating. The reasons for the downgrade: a consistent pattern of inflating projected revenues in budget proposals, then raiding reserve funds to balance budgets when those revenue projections proved false. That is to say, exactly the problems — what the agency, Fitch Ratings, described as “the city’s weak operating performance in recent years” — that we’ve been reporting for the past six months: here, here, here, and here. Meet and mingle with Geoff Kelly and our other[...]