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Peekskill's New Fund Balance Policy Goes into Effect Today

Officials believe the new policy will improve the city's standing among credit rating agencies and boost economic development.

Editor's Note: The following release was submitted by the City of Peekskill. If you would like to post your news to Patch, click here.

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The  City  of  Peekskill  announced  [Dec. 28] that  it  has  approved  a modification  to  its  Fund  Balance  Policy  that  requires  maintaining  a  Fund  balance  of  between  15  to  25  percent  of  operating  expenses.  The  policy,  which  will  ensure  that  Peekskill  maintains  a  solid,  positive  credit  rating,  will  take  effect  today.  
 
“This  is  a  great  day  for  economic  development  in  Peekskill,”  says  Mary  F.  Foster,  Mayor  of  the  City  of  Peekskill.  “By  maintaining  our  credit  worthiness,  we  open  the  door  wide  to  economic  development,  more  jobs  and  new  revenue  sources.  A  solid  Fund  balance  also  shows  that  Peekskill  is  taking  proactive  steps  to  be  fiscally  responsible.”  
 
The  Mayor  explained  that  a  prudent  Fund  balance  is  viewed  favorably  by  credit  agencies  reduces  the  cost  of  borrowing.  “This  can  help  save  Peekskill  taxpayers  millions  of  dollars.”    
 
Peekskill  officials  passed  the  resolution  to  modify  the  city’s  Fund  Balance  Policy  during  the  Dec.  27  Special  Common  Council  meeting.  During  the  meeting,  Mayor  Foster  indicated  that  she  and  the  Peekskill  Common  Council  would  immediately  contact  the  world’s  “Big  Three”  credit  rating  agencies  -­‐-­‐  Moody's,  Standard  &  Poor's,  and  Fitch  Group  –  to  make  them  aware  of  the  policy  change.  
 
Once  it  takes  effect,  the  new  Fund  Balance  Policy  will  bring  Peekskill’s  Fund  balance  in  line  with  other,  similar  municipalities  in  the  area  and  reflect  best  practice  guidelines  from  the  New  York  State  Comptroller  and  Government  Finance  Officers  Association.    
 

notsurprisedonebit January 02, 2013 at 09:29 PM
The only great day for Economic Development in the City of Peekskill is when Mary Foster and her merry band of Puppets are out of office. We could have been in a much better position had she not alienated Target, Ginsburg, etc. and brought in enough businesses for us to be known as Little Ecuador and Little Guatemala!!
sayitsnotsojack January 03, 2013 at 09:12 AM
Yes they missed the target with Target, but raising the fund balance is a necessary and needed move, one that should have been in place all along. From the people I know who run businesses Peekskill is still way too antagonistic to them. It amazes me they do so, it seems that if they bend over backwards for tax subsidized entities but do little to help the ones that actually pay taxes.
jo January 03, 2013 at 12:18 PM
besides the C Town.. there is NO place to shop in Peekskill for anything.. duh !!
Darren Rigger January 08, 2013 at 03:07 PM
Hi Jo - I have to disagree. The Peekskill BID runs a terrific website that highlights dozens of great shops and stores that people may visit. http://www.downtownpeekskill.com/shopping-services/#.UOw1oGd1vmA

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