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Fiscal Integrity Law Enacted

October 22, 2012
Press Release

Before Buffalos control board transitioned from hard to soft, Buffalo Comptroller Mark J.F. Schroeder proposed legislation that would amend the citys charter to include one of the most criticalrequirements imposed by the control board the four-year financial plan.
The Buffalo Common Council agreed with Schroeder on the value of long-term planning, unanimously passing the Buffalo Fiscal Integrity Law  on October 2.  Mayor Byron Brown signed it intolaw today.
I would like to thank and commend Mayor Brown and the Common Council for taking a major step in protecting the citys finances, said Schroeder, who gave special thanks to Council President RichardFontana, who introduced the law and made its passage a top priority.  The four-year plan has helped improve the citys finances over the past few years.  We didnt want that to go awayjust because the hard control board did.
Schroeder said that the legislation will help continue the great progress Buffalo has made in improving its fiscal outlook, which has resulted in the highest bond ratings in the citys history. Moodys upgraded the citys bond rating to A1 earlier this year, and it has an A+ with Fitch and an A with Standard & Poors.
In their reports, the credit rating agencies viewed the control board as an asset, said Schroeder.  Buffalo has now shown Wall Street its commitment to putting our own financial controls inplace, without the control board.
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