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City Ends Last Fiscal Year with $56.1 Million Surplus

By Howard Riedel

Buffalo, NY – The city of Buffalo ended the 2005-2006 fiscal year with its largest budget surplus in history.

The year-end statement scheduled for release Tuesday shows a $56.1 million balance, the result of both increased revenues and decreased expenditures. However, city comptroller Andrew SanFilippo notes the city would have shown a surplus even without the wage freeze imposed by the control board. He gives credit to the control board and to mayors Masiello and Brown for the turnaround.

The actual surplus for the fiscal year was more than $95 million, but $39.5 million of that was set aside for anticipated expenses such as a $12 million shortfall in garbage operations.