Utica Cash Shortage
By: Rachel Polansky
Updated: June 19, 2012
Utica has relied on reserve funds to bridge budget gaps, but these funds are drying up after years of deficit spending.
According to City Councilman Frank Vescera, the city's cash shortage will force City Comptroller Michael Cerminaro to ask to borrow more than $5 and a half million dollars now - and another $10 million dollars later in the year.
Vescera says this is an irresponsible path to take.
"I will not vote for going into deeper debt to pay for old debt. It's a vicious cycle and a circle that you can't get out of, and it's not the responsible path to take, it's not the responsible approach to take."
The 9-member council will be voting on the borrowing tomorrow night. The Comptroller told Eyewitness News he didn't want to comment on the matter at this time.
According to City Councilman Frank Vescera, the city's cash shortage will force City Comptroller Michael Cerminaro to ask to borrow more than $5 and a half million dollars now - and another $10 million dollars later in the year.
Vescera says this is an irresponsible path to take.
"I will not vote for going into deeper debt to pay for old debt. It's a vicious cycle and a circle that you can't get out of, and it's not the responsible path to take, it's not the responsible approach to take."
The 9-member council will be voting on the borrowing tomorrow night. The Comptroller told Eyewitness News he didn't want to comment on the matter at this time.
