PLATTSBURGH — City of Plattsburgh residents will have a chance to weigh in on Mayor Chris Rosenquest’s proposed budget for 2025 this evening.
Those interested in making their voices heard can do so in the Common Council Chambers of City Hall in Plattsburgh at 5 p.m. tonight.
“Public comment is welcomed and participation is highly encouraged,” Rosenquest said Tuesday.
MAYOR’S BUDGET
As previously reported by the Press-Republican, Rosenquest’s budget shows a decrease in the tax rate while staying below the state mandated tax cap.
Coming in at $9.401 per $1,000 of assessed property value, the proposed tax rate for 2025 is $0.57 lower than last year’s mayoral budget.
The tax levy won’t see an increase or decrease from 2024 as well and will look to stay at $12,121,349 for the coming year.
The city will also have a structurally balanced 2024 general fund budget in this proposal, with an unassigned unappropriated fund balance estimated at $6.4 million.
This number represents 25.33% of general fund expenses, which are expected to decrease $133,000 or 0.49% in 2025.
Meanwhile, general fund revenues are expected to increase $465,000 or 1.71%.
The proposed budget can be downloaded from the city’s website and hard copies are available at the Plattsburgh Public Library and the City Clerk’s office.
“Closing out the last several fiscal years, we’ve been able to add more surplus to our general fund — again, another sign of the financial health and the fiscally mindful approach of this administration,” Rosenquest said.
“Over the last several years of budgeting we’ve needed to manage the impacts of increased wages, cost increases associated with inflation, and other uncontrollable factors. The 2025 proposed budget shows we’ve been able to manage our City’s finances in a way that has stabilized spending and better respond to operational needs.”
CITY DEBT
The city’s debt has been a hot topic of conversation in the city’s mayoral race to replace Rosenquest, who announced he was not running earlier this year.
Both candidates running for mayor, Democrat Wendell Hughes, and Republican Don Kasprzak, have previously said they have concerns about the city’s long-term debt.
How much debt the city carries and what funds the debt is paid from can be found here: https://cleargov.com/new-york/clinton/city/plattsburgh.
According to the city’s financial transparency portal, its municipal debt stood at $43,938,843 for FY2024.
“Regarding debt, my administration has taken on the responsibility of addressing crumbling infrastructure that’s been ignored, decades of deferred maintenance to municipal buildings, and an embarrassing number of derelict and collapsing City owned property. Taking care of what we have costs money,” Rosenquest said.
“However, the city’s debt service is not a burden carried entirely by the taxpayer — this debt is primarily from water and sewer infrastructure improvements. Furthermore, the majority of our long-term debt matures in less than 6 years — shedding hundreds of thousands of dollars of obligation. It would behoove the politicians to know these facts.”
MOODY RATING
Amid discussions about the city’s financial future and on the heels of the mayor’s delivery of the 2025 proposed budget, Moody’s Investors Service has upgraded the city issuer and general obligation limited tax ratings to A2.
This is an upgrade from the city’s A3 rating assigned at the end of 2022.
Moody’s has also assigned a MIG 1 rating to the city’s outstanding and future Bond Anticipation Notes or BANs. This is the highest BAN rating provided by Moody’s.
Factors that could lead to an upgrade of the ratings include:
• Sustained surpluses leading to healthier reserve and liquidity position
• Improved community wealth and income
• Significant reduction in long-term liabilities (OPEB)
• Upgrade of long-term rating (BANs)
Likewise, factors that could lead to a downgrade of the ratings include:
• Inability to maintain structurally balanced financial operations
• Growth in long-term liabilities
• Decline in resident wealth and income
• Downgrade of long-term rating (BANs)
For a full copy of the release made by Moody’s visit: https://tinyurl.com/chu5rmdr.
“Moody’s has again validated the financial health and stability of our community and reconfirmed the work my administration has done to secure the financial stability of our City for decades to come,” Rosenquest said.
“The recent positive fiscal and environmental stress rating provided by the New York State Comptroller along with these two rating upgrades is absolute proof that the city continues to head in the right financial direction. The city’s finances are in extremely good health, borrowing is at the right level, and these recognitions should speak volumes to those who are listening to the experts.”