Sunday, April 20, 2014 - 12:06:48 AM

Local News

Print Friendly | Bookmark and Share

DiNapoli on Binghamton Fiscal Profile

Encouraging signs but some red flags that's the summary of the city of Binghamton's finances by State Comptroller Thomas Dinapoli.

Positives include Binghamton growing it's fund balance from 1.8 to 9.4 million dollars from 2009 to 2011.

And property values, which climbed over nine percent from 2007 to 2010 while many areas in the country were in decline.

Negatives include higher than average unemployment and 42 percent of children in the city live in poverty compared to 20 percent statewide.

Dinapoli says issues such as declining population, poverty, and property vacancy rates are ones that Binghamton shares with other upstate cities.

"We didn't talk about it much in this report but I know tax-exempt properties are a big issue here which many of the cities are facing as well so I'd say similar. I'd say on the biggest plus side is the ability even during a challenging time to grow a fund balance," said DiNapoli.

"We're learning a lot of lessons. We know we have huge challenges ahead of us and we can't shrink from those challenges. A profile like today's puts all of those challenges out there," said Binghamton Mayor Matt Ryan.

Dinapoli hinted that municipalities' payment into the state's pension fund could go down in the next year or two because of strong market performance which has left the pension trust fund at an all-time high.


View Related Articles: Binghamton, Broome County or comment on this one below.

blog comments powered by Disqus

Back Back

Binghamton web design and website hosting by EFX internet  EFX internet

Additional Articles

UPDATE: Woman Hit and Killed By Train In Endwell VIEW VIDEO
A 38 year old white woman has died after being hit by a train. Just after 6 o'clock this evening, scanner reports indicated a person hit by a train in Endwell on a section of the tracks between... more

Thousands of Children and even More Easter Eggs VIEW VIDEO
With Easter this Sunday, thousands of children gathered to  celebrate the holiday with fun activities throughout the day. "It's great. I mean it's a great event for the community to come out here... more

Fugitive Behind Bars with Robbery Charges VIEW VIDEO
A Binghamton man on the run for months was apprehended Friday--and is now facing charges. Police say that after a brief foot chase Friday afternoon Kareem Gibson ran into a home at 49 Clark Street... more

Man Arrested with Sawed-Off Shotgun VIEW VIDEO
And yesterday afternoon a man was arrested in Delaware County for possessing a sawed-off shotgun.   22 year old Sean Reeves of Meridale was arrested after Delaware County Investigators received a... more

Local Butchers Prepare for Easter VIEW VIDEO
And of course we are now only a few hours away from  Easter, and those celebrating across the area are preparing their holiday meals.   FOX 40 stopped by Butcher Boys in Endicott today, where... more

Easter Egg Hunt at Rec Park VIEW VIDEO
And just a few miles away, there were even more Easter eggs and celebrations taking place.   Rec Park in Binghamton held it's 2nd annual Easter Egg Hunt today. Nearly 1500 people  attended the... more

Locals Celebrate Easter Vigil VIEW VIDEO
Catholic churches all throughout the world are holding Easter Vigils this evening, in what is known to be their holiest week of the year. St. Anthony of Padua Church in Endicott held their vigil... more

Click here for more local news...icon



 A News Story

If you are looking for a copy of a news story that we recently aired, simply click here to find out how.

FOX 40 Poll

Which Social Media Site Do You Use The Most?

Breaking News

Do you have a tip or information about a breaking news story? Contact the FOX 40 News Desk at 607.798.0070 or send us an email .

Share to Facebook Share to Twitter Stumble It More...