Council to consider help from NY Financial Restructuring Board

A resolution supporting a review of the city’s financial situation by the New York Financial Restructuring Board is on the agenda for this Tuesday’s council meeting. According to its official website, the board serves to help struggling municipalities by offering recommendations for financial restructuring, as well as funding in the form of grants and loans up to $5 million contingent on following through with the recommendations. The board can also serve as an arbitrator in union negotiations.

According to records of past meetings, the board has awarded large grants to several New York municipalities:

In 2018, the City of Dunkirk was awarded a $1.1 million grant to convert lighting infrastructure to LED technology, and a $1.7 million grant to temporary stabilize the city’s finances.

In the same year, the City of Plattsburgh was awarded over $2 million in total grants to implement a number of projects including consolidating services with Clinton County, undertaking a city-wide property reevaluation, office re-location, employee separation costs related to department re-structuring, and to install additional boat docks at the city marina.

In 2017, the City of Poughkeepsie was awarded a total of $1.75 million to integrate its bus transportation system with Dutchess County and improve its parking infrastructure, and an additional $1.25 million for operating costs.

Tim Becker

Tim Becker is the owner of Anthem Websites Inc. which publishes The Compass. He serves as both editor and a writer.