Press Releases
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Comptroller Miller-Williams and Mayor Brown Announce City Fund Balance Surplus of $14.8M
Comptroller Barbara Miller Williams and Mayor Byron W. Brown and announced that the City’s fiscal year ending June 30, 2021, ended with a $14.8 million surplus. This amount was confirmed through the Annual Update Document that the Comptroller filed with the Office of the State Comptroller.
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A Letter to City Employees
As administrators of the City's payroll, it is imperative that we maintain the confidentiality and security of individuals' personal information. Any employee disclosing private information to outside individuals or groups without proper authorization is in direct violation of standard business practices.
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Comptroller Issues Response to the Mayor Brown’s 2021-2022 Recommended Budget
The Erie County Industrial Development Agency (ECIDA) and Buffalo School District (BSD) went to the bond market to borrow $109.5 million to refinance debt originally issued in 2011 for various capital improvement projects, receiving a net interest rate of 1.15%.
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ECIDA and Buffalo Schools Receive Favorable Interest Rates for JSCB Bond Refunding
The refunding of the 2011 bonds lowered the interest rates resulting in present value savings of over $27 million. “This was a terrific result for the ECIDA and BSD and shows that the municipal bond market has confidence in the water authority’s finances and management,” said Comptroller Barbara Miller-Williams.
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City of Buffalo Obtains Historically Low Interest Rate on $63.2 Million Capital Borrowing
The City of Buffalo went to the bond market on Thursday, April 16, 2020 to borrow $63.2 million to finance 2020 Bond Anticipation Note (BAN) and 2021 capital projects. Comptroller Barbara Miller-Williams announced the City closed on the lending today and received a favorable interest rate of 0.83% on eleven-year Bonds.
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Comptroller Barbara Miller-Williams Announces Receipt of $165,678,466 in American Rescue Plan Funds
The City of Buffalo is expected to receive approximately $331 million dollars over the next two years. The $165 million dollar is the first lump sum payment from the American Rescue Plan. The second payment will be received next year; all funds must be spent within the next four years.
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American Rescue Plan Provides $350 Million Dollar Capital Infusion to the City of Buffalo
President Biden signed the $1.9 trillion-dollar American Rescue Plan today. The City of Buffalo will receive over $350 million dollars in response to Covid-19 pandemic related expenses. The funds will be received in two lump sum payments over the next two years
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The City of Buffalo’s $10.9 million debt refinancing generates significant budgetary savings
The City of Buffalo went to the bond market on February 18, 2021 to borrow$10.9 million to refinance debt originally issued in 2011 and 2012. The City received bids from eight (8) Underwriters with BNY Mellon Capital Markets, LLC prevailing. The competitive bidding process ended with the City receiving a low interest rate of .37%on the six-year bonds.
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Buffalo Water Authority Receives Favorable Interest Rates for Bond Refunding and Capital Projects
The Buffalo Municipal Water Authority went to the bond market to borrow $21.4 million to refinance debt originally issued in 2010 and to provide additional funding for various capital improvements to the Buffalo Water System, receiving an interest rate of 2.47%.
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Comptroller Miller-Williams says downgrade to Buffalo’s bond rating is alarming, but not surprising
Fitch Ratings, Incorporated has downgraded the City of Buffalo’s bond rating to “A” in its latest report, noting a negative outlook for Buffalo’s current financial position. This is the second straight year that the City has received a downgrade from Fitch Ratings. The “A Negative Outlook” rating is one notch lower than the “A+ Stable” rating Buffalo received in September 2019.
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City of Buffalo Receives Favorable Interest Rate on $34.8 Million Borrowing for Capital Projects
Buffalo Comptroller Barbara Miller-Williams has announced that the City of Buffalo went to the bond market on Thursday, April 16, 2020 to borrow $34.8 million in bond anticipation notes (BAN), receiving a rate of 0.92% on the one-year notes. The routine annual transaction redeemed BANs, originally issued in 2019 at a higher interest rate, saving the city on debt service payments. This bond sale will also provide new funding for important city capital projects such as citywide infrastructure improvements, technology upgrades and much needed roadway improvements.
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Andrew SanFilippo Resigns as Deputy Comptroller at
The Department of Audit and Control announces Andrew SanFilippo’s departure as Deputy Comptroller from the City of Buffalo Comptroller’s office, effective Friday, August 9, 2019. “While we will miss his wealth of knowledge and experience, we wish him much success in his well-deserved retirement,” said Comptroller Barbara Miller-Williams.
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Miller-Williams releases response to Buffalo’s cur
In response to the recent Investigative Post news article, our office is seeing two issues that could be interpreted as misleading to the public. First is the use of the term “Borrowing” money relating to the City of Buffalo from the Buffalo Public School District and the second is the assumption that a cash flow deficit translates into a budget deficit.
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Interim City of Buffalo Comptroller Barbara Miller
Interim City of Buffalo Comptroller Barbara Miller-Williams today announced that she will be appointing former City of Buffalo Comptroller and current Executive Deputy Comptroller for the Office of State and Local Government Accountability, Andrew A. SanFilippo to the position of City of Buffalo Deputy Comptroller.
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Miller-Williams sells $41 million in water bonds
“These bonds will fund $27.5 million in improvements to make our city’s water system safer and more efficient,” said Miller-Williams. “We even refinanced $13.4 million in old bonds at a lower interest rate, saving ratepayers $2 million in interest costs.”
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Comptroller Miller-Williams goes to bond market
“We had six different investors competing for the city’s business, and it resulted in a very favorable rate for taxpayers, even better than we expected,” said Miller-Williams. “Clearly, Wall Street has identified Buffalo as a wise investment.”
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Buffalo operated at a loss of $23 million in 2018
Buffalo’s structurally imbalanced budget led to an operating loss of $23 million, a gap which it plugged by tapping its dwindling reserves, according to the city’s year-end financial statements for the fiscal year that ended on June 30. $35 million in reserves was used to fill the budget hole in the prior year.
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Schroeder warns of Buffalo’s dwindling reserves
Year-end financials show difficult road ahead for Buffalo, as nearly $35 million in reserves are needed to close budget gap.
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Paid to Sleep? City Paying Napping Dispatchers
Civilian dispatchers in the Buffalo Fire Department can sleep on the job for 10 hours during their 48-hour shifts, the department acknowledged at a special meeting of the Common Council’s finance committee last week.
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Audit finds dispatchers working 48-hour shifts
How difficult is it to work 24 hours in one day? A dozen city dispatchers did it 137 times last year. There were also seven instances of dispatchers working 48 consecutive hours, as Comptroller Schroeder’s audit exposes excessive overtime in the Buffalo Fire Department.
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Bmha Owes Taxpayers $4 Million
At the July 5 Common Council Finance Committee meeting, the Law Department stated that the BMHA is no longer disputing the fact that it owes the City of Buffalo approximately $4 million.
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Schroeder makes City’s financials user-friendly
Comptroller issues Popular Annual Financial Report, which puts Buffalo’s financials in a user-friendly format.
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Fitch upgrades Buffalo's Bond Rating to "AA-"
Fitch Ratings has upgraded the City of Buffalo's bond rating to "AA-" in its latest rating report, the highest rating the city has received from the agency.
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National Grid Refunds Buffalo $1 Million
National Grid Refunds Buffalo $1 Million as a Result of Comptroller Schroeder's Street Light Audit. Additional refunds are expected from remaining claims spurred by audit.
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Schroeder Puts Financials in User-Friendly Format
In an effort to share Buffalo's financial information in a user-friendly format, Comptroller Mark J.F. Schroeder has issued the city's latest Popular Annual Financial Report.
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Arbitration Panel Awards Buffalo $200,000
As a result of Schroeder's Audit of the Erie Basin Marina the Arbitration Panel awards Buffalo $200,000. Arbitrators confirm city ownership of floating docks.
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Schroeder Launches Open Book Buffalo
In an effort to make Buffalo's finances more transparent and accessible to the public, Buffalo Comptroller Mark Schroeder has launched Open Book Buffalo, an interactive tool on his website that allows citizens to see how the city is spending their tax dollars.
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Schroeder Unveils Watchdog Hotline
Buffalo Comptroller Mark J.F. Schroeder unveiled the Watchdog Hotline, a phone number and website dedicated to exposing waste, fraud, and mismanagement in city government.
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CPA Firm Gives Schroeder High Marks
A peer review audit says Schroeder's department consists of "experienced, competent, and qualified professionals."
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Miller-Williams borrows $34.8 million in bonds
Buffalo Comptroller Barbara Miller-Williams has announced that the City of Buffalo went to the bond market on Thursday, April 16, 2020 to borrow $34.8 million in bond anticipation notes (BAN), receiving a rate of 0.92% on the one-year notes.
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Buffalo's Financial Status Report amid pandemic
A Year to Date Budget Report for the City of Buffalo has been submitted to the Common Council, noting a reduction in general revenues and sales tax receipts amid the COVID-19 pandemic.
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Miller-Williams concerned with proposed budget
Buffalo Comptroller Barbara Miller-Williams issued a response to Mayor Byron W. Brown’s 2020-2021 recommended budget that is geared toward returning the City to a path of economic recovery amid the Coronavirus Disease 2019 (COVID-19) pandemic.
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Borrowing approved to close Fiscal Year 2019-2020
Buffalo Comptroller Barbara Miller-Williams responds to the adoption of the financial measures approved to close out the 2019-2020 fiscal year during a Common Council Special Session this morning. Per the Comptroller’s analysis of the City’s third-quarter Gap Report, a projected budget shortfall would approach $18 million at the close of the current fiscal year.
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Fitch Downgrades Buffalo's Bond Rating to "A"
Fitch Ratings, Incorporated has downgraded the City of Buffalo’s bond rating to “A” in its latest report, noting a negative outlook for Buffalo’s current financial position.
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Miller-Williams advances sale of water bonds
Comptroller Barbara Miller-Williams went to the bond market this week to advance the sale of $22 million in bonds for the Buffalo Municipal Water Finance Authority (BMWFA). The bonds will be resold to the public on Wednesday, October 21, 2020.
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Buffalo Municipal Water Bond Sale
Buffalo Municipal Water Authority Receives Favorable Interest Rates on $21.4 Million Borrowing for Bond Refunding and Capital Projects The Buffalo Municipal Water Authority went to the bond market to borrow $21.4 million to refinance debt originally issued in 2010 and to provide additional funding for various capital improvements to the Buffalo Water System, receiving an interest rate of 2.47%.
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Comptroller Miller-Williams Issues Response
Buffalo, NY- City of Buffalo Comptroller Barbara Miller-Williams released her response to Mayor Brown’s FY 2021-2022 recommended budget. “The recommended budget by the Administration appears to be credible revenues and appropriations based off the prior years’ actual financial results as determined by an analysis from my office,” stated Comptroller Barbara Miller-Williams. “That said, I urge caution on a budget that is heavily dependent upon onetime budget gap files, such as the stimulus resources from the American Rescue Plan, Tribal Pact revenue, and undisclosed property sales,” Over the last three fiscal years, the City of Buffalo depleted its’ reserves in the Unassigned Fund Balance. Such action requires my recommendation that a Fund Balance Replenishment Policy be implemented by the Administration and Buffalo Common Council. The Comptroller’s analysis recommends the Mayor and Common Council develop a public document