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Agreement Reached on Shape of Financial Control Board

By Howard Riedel

Albany, NY – The State Senate has voted to approve a fiscal control board for Buffalo, with an Assembly vote coming later this morning.

State legislators reached agreement on the makeup of the board late Thursday night. A variety of other deals were also completed as the 2003 legislative session comes to a close.

The Buffalo Fiscal Stability Authority will have more power than previous oversight authorities.

Governor Pataki will control the board, appointing five of its nine members. Mayor Masiello, County Executive Giambra and state comptroller Alan Hevesi or their appointees will also sit on the board along with a representative of the State Legislature.

At least four of the board members must be city residents.