Friday, March 15, 2019

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Poughkeepsie pays off 15-year-old bonds

POUGHKEEPSIE – City of Poughkeepsie finances are steadily improving, City Administrator Marc Nelson said.

Commissioner of Finance William Brady paid off almost $1 million of debt on Wednesday. The $960,000 payment was made to pay off serial bonds dating back to 2004.

"We're kind of celebrating today," said Nelson. "Anytime you can lower your debt, you're lowering debt service cost and you're doing well for your taxpayers."

Under the previous administration, the city had amassed a $13.2 million deficit by 2015. During Rolison's tenure, the city has reduced the deficit to $9.6 million.

Nelson said that the changes are "incremental" and noted that the city's fiscal health is improving. The city has had three straight years of budget surpluses and has stayed under the state "tax cap" for two years and Nelson hopes that they can stay under the cap again this year.

Of the fiscal health, Nelson also said "the community feels better. We're also seeing an increase in grant revenue" which he claims is a sign that investors are seeing positive changes in the city.

 

 

 


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