Contact Us

Audit Shows Growth In Binghamton Reserve Fund

Bob Joseph/WNBF News

Binghamton Mayor Matthew Ryan says the city’s fund balances have risen to a “healthy level.”

The mayor today discussed portions of an audit that have been made public. The independent review of the city’s finances indicated the general fund reserve increased from about $219,000 at the end of 2005 to more than $6.1 million six years later.

Speaking on WNBF Radio’s Binghamton Now program, Ryan said his administration has “dramatically turned around city finances.”

The mayor said the improvements occurred despite a national recession and costs to the city as a result of two major floods.

Ryan said a portion of the audit was not ready to be released. He said he expected the remainder of the report to be made public within the next few days.

Moody’s Investors Service downgraded Binghamton’s credit rating last January, blasting the city for “consistently late financial statements.”

Ryan had conceded Binghamton had not provided the information Moody’s sought on time. He said one of the reasons for the delay was the hiring of a new firm to do auditing for the city.

The mayor said he hopes Moody’s will restore Binghamton’s credit rating after a review of the audit information.

Ryan acknowledged that despite progress over the last few years, the city continues to face some big challenges, including its high child poverty rate and its older housing stock. He said more work will be needed to address those and other issues that affect Binghamton’s overall financial health.

More from WNBF

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wnbf.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on WNBF News Radio 1290 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on WNBF News Radio 1290 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!