My post last week provided details on the City of Buffalo’s precarious 2020-2021 budget. Drawing on both budget facts that pre-dated 2020 and an analysis of the 2020-2021 budget prepared by the Buffalo Fiscal Stability Authority (BFSA), the numbers present a very dramatic and uncertain financial future.
Here is a summary of the ongoing dilemma that the city faces:
1. The city ran an operating deficit in 2019-2020 which required them to borrow $25 million. The city sold a Revenue Deficiency Note in that amount to close out the year. Continue reading