Thursday, 28 May 2020 15:10

City Moves to Meet Revenue Deficit Due to COVID-19

SARATOGA SPRINGS — Finance Commissioner Michele Madigan last week revised the city’s projected revenue deficit due to the COVID-19 shutdown as between $15 and $17 million for the calendar year, roughly one-third its $48.7 million operating budget for 2020.   

At a special meeting of the City Council May 15, the council voted 4-1 for a measure to furlough employees that is expected to save the city about $277,000. 

“The Council and Unions chose to make the furlough program voluntary, which was counter to the plan presented by Madigan and made an almost negligible contribution to addressing the city’s serious financial challenges,” read a statement issued by Madigan, explaining her dissenting vote on the measure. 

At the regularly scheduled council meeting May 19, the council unanimously approved obtaining a Tax Anticipation Note, or TAN, for $6.3 million. 

Madigan said she anticipated the month of June as when the city would deplete its cash; obtaining a TAN will push that date to December, although “it also presents new challenges and costs our taxpayers, as the principal must be prepaid within 12 months and the interest rate will likely be high given current economic conditions.”  Madigan said she plans to access $6.5 million in fund balance to help the city meet its financial obligations through November. 

Read 1256 times

Blotter

  • New York State Police The New York State Police announced that it issued 5,576 tickets during this year’s St. Patrick’s Day enforcement initiative. The campaign began on Friday, March 15, and continued until Sunday, March 17. During the campaign, funded by the Governor’s Traffic Safety Committee, State Police utilized sobriety checkpoints, additional DWI patrols, and underage drinking and sales to minors detail. State Police also ticketed distracted drivers who use handheld electronic devices. State Troopers arrested 132 people for DWI and investigated 199 crashes, which resulted in 25 people being injured and no fatalities. As part of the enforcement, Troopers also…

Property Transactions

  • BALLSTON Heather DiCaprio sold property at 473 Garrett Rd to Justine Levine for $288,000 Sharon Willman sold property at 99 Jenkins Rd to Charles Lemley for $165,000 CORINTH George Montena sold property at 422 Oak St to Stephen James for $142,250 Mark Makler sold property at 313 Oak St to Sabrina Sinagra for $195,000 GREENFIELD Landlord Services of Upstate New York sold property at 1935 NYS Rt 9N to Cochise Properties LLC for $210,000 MALTA  Linda LaBarge sold property at 35 Snowberry Rd to Qu Haozheng for $270,000 Dennis Mitchell sold property at 60 Village Circle North to BGRS Relocation…
  • NYPA
  • Saratoga County Chamber
  • BBB Accredited Business
  • Discover Saratoga
  • Saratoga Springs Downtown Business Association