8/29/2011Posted by MJ
Buffalo News reported that the council was given a capitol project list by the city treasurer that needs to be addressed during the upcoming budget process.
The city needs to borrow big money for big projects, City Treasurer Michael E. White said last week.
White said he’s got a list of more than $5 million worth of urgent purchases and repairs, and he said he wants the Common Council to decide how much it wants to approve before it passes the 2012 budget.
That’s so the amount of principal and interest payments can be inserted into the final version of the spending plan, on which the Council is scheduled to vote Oct. 5.
“It probably would be the most opportune time to borrow in a long time,” White said, pointing to the low interest rate environment dictated by the Federal Reserve Board.
“We haven’t been to the bond market in four years, and in that time the city’s credit rating has improved,” Mayor Michael W. Tucker said...
It's here already. The city budget is the perfect way to kill time between Labor Day and Halloween. Being a mayoral election year, it should be even more entertaining even if it is at the cost of actually accomplishing something. The Buffalo News reported:
Common Council President Richelle J. Pasceri said Wednesday that the Council will begin work on the 2012 city budget Sept. 7
I'll do my best to track everything here.
The City Charter requires the Council to vote on the spending plan at its first regular meeting in October, which this year falls on Oct. 5.