FOR IMMEDIATE RELEASE
June 3, 2019
City of Kingston Ends 2018 Fiscal Year with
$1.1 Million Increase in Fund Balance
Mayor Noble Proposes Using Funds to Pay Down Short-Term Debt and Pave 8 Additional Streets
KINGSTON, NY – Mayor Steve Noble is pleased to announce the excellent financial performance of the City of Kingston in 2018. The City of Kingston Comptroller’s Office submitted the City’s 2018 Financial Report to the state on May 1, which documents a $1.1 million increase in the City’s General Fund Balance. This strong budgetary performance was made possible through smart fiscal management practices– and without raising the tax levy for three consecutive budgets.
“2018 was a great year in the City of Kingston,” said Mayor Noble. “Our revenues were up, including a bump in sales tax and more investment throughout our city, and we were able to implement a number of significant cost-saving measures throughout the year, all of which resulted in a surplus of over one million dollars. It is absolutely vital that remain diligent in our careful and meticulous budget oversight to continue to protect our taxpayers and provide the highest quality services.”
In a communication to the Common Council, Mayor Noble has proposed using a portion ($390,000) of the unassigned fund balance toward paying down the balance on a higher interest retirement amortization loan, which will save the City money in interest in the future. Mayor Noble has also proposed utilizing $350,000 for additional street paving in 2019. The Department of Public Works has identified eight streets to be paved, including all of Washington Avenue, that were scheduled for paving in 2020. If the proposal is approved by the Common Council, the paving work will be done this construction season, making the total number of newly paved streets close to 25 in 2019.
“By paying down a higher interest loan, we are saving the taxpayers in the long run, and we will not have to budget those funds for next year – it’s a win-win,” said Mayor Noble. “It’s been one of my administration’s top priorities this year to invest in infrastructure, and by using these funds for paving, we are delivering these improvements even faster than we hoped.”