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City of Saratoga Springs

OFFICE OF COMMISSIONER OF FINANCE

M. LYNN BACHNER Deputy Commissioner CHRISTINE GILLMETT-BROWN Director of Finance MICHAEL T. KING Receiver of Taxes KAMERON KLIPPEL Principal Account Clerk FLORENCE C. WHEELER Payroll Administrator

MICHELE D. CLARK-MADIGAN
COMMISSIONER OF FINANCE

474 Broadway - City Hall Saratoga Springs, New York 12866-2296 518-587-3550 Fax 518-580-0781

PRESS RELEASE
For Immediate Release: April 15, 2013 Contact: Commissioner of Finance, Michele Madigan Telephone: (518) 587-3550 ext 2577; (518) 526-9377 Email: michele.madigan@saratoga-springs.org

Re:

2012 YEAR-END STRONG AND IN THE BLACK; COMMISSIONER MADIGAN RECOMMENDATIONS TO INCLUDE INCREASED FUNDING FOR CRIME CONTROL AND PREVENTION

Commissioner of Finance Michele Madigan reports for the second year in a row that City general fund (operating budget) revenues have outpaced City expenses. Unaudited year-end figures for 2012 reveal an annual operating surplus of $2.2 million. This results in a 2012 general fund unrestricted, unassigned fund balance of about $6.16 million. The successful ambulance program was a major reason that 2012 revenues came in over budget, as were strong sales tax collections, and the completion of foreclosure proceedings left unfinished by the previous administration. On the expense side, health care costs were down due to a switch to a single carrier for most enrollees and an increase in co-pays. Utility bills, unemployment compensation, and over time/comp time were also lower than expected. Under the Citys current Fund Balance policy, the audited unrestricted, unassigned fund balance for the general fund must be between 10% and 12.5% of the total adopted general fund budgeted expenditures of the ensuing year, and the Finance Commissioner is required to address any excess or deficiency. For 2012, fund balance must be between $3.98 million and $4.98 million. Unaudited figures indicate that the 2012 fund balance is in excess of the maximum by about $1.18 million. Commissioner Madigan states that saving is as important as spending under any circumstances, and her recommendations will take into consideration strengthening reserves, capital program and departmental needs, and most importantly, the citizens and taxpayers of Saratoga Springs. Encouraging a safe and economically vibrant City while stabilizing tax rates is a great outcome for all of the Citys stakeholders. Last year, Finance Department recommendations included increasing reserves (tax stabilization, capital, and retirement), investing in City capital budget needs, and setting aside funds for long unsettled labor contracts. These recommendations were approved unanimously by the City Council. Commissioner Madigan notes: In past budget seasons, critical City resources were slashed while the fund balance has been increasing. My goal is to realign fund balance accumulated with realistic revenue estimates and essential service expenditures. It is especially important that we ensure appropriate resources are dedicated to crime control and prevention. A safe City is an economically viable City. This is the quality of life that our citizens expect, deserve, and pay for, and I hope the Council will join me in keeping our City strong and safe.

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