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Utica transfers $1.5 million into committed capital improvements fund, council calls it a milestone
Summary
Following a review of fund balances, council directed the finance director to move $1.5 million from the general fund unassigned balance into a newly committed fund balance earmarked for capital improvements, leaving the general fund at roughly 40% of operating expenditures.
Utica City Council on Tuesday voted to move $1.5 million from the general fund unassigned balance into a committed fund balance for capital improvements, fulfilling a policy the council adopted in November 2023 calling for a 40% unassigned fund balance target.
Finance Director (Mr. Paternoster) told council the transfer would leave the general fund with approximately 40% of FY2025 operating expenditures in unassigned balance while creating a committed fund for future capital needs. He said the transfer follows the governmental fund balance reserve policy and that the committed capital fund will require a council resolution to expend.
Councilmembers described the vote as historic for the city and emphasized the transfer is only half the work; they called for a capital improvement plan to inventory assets and schedule replacements so the new committed funds can be spent predictably. Council approved the resolution directing the finance director to transfer $1,500,000 by unanimous roll call.
The council noted the move preserves fiscal flexibility while beginning to fund long‑term equipment and infrastructure needs. Members urged staff to develop a capital improvement plan tying projects to the committed fund.
