POUGHKEEPSIE – The City of Poughkeepsie has received an upfront $3 million payment tied to the recently completed sales tax agreement with Dutchess County and the City of Beacon.
The funds will further reduce the city’s general fund deficit to $2.8 million, a figure that stood at $13.2 million when Mayor Rob Rolison took office in January 2016.
“Through judicious work and by means both big and small, we have been able to greatly reduce the city’s budget deficit and are working to eradicate it,” the mayor said.
“The negotiations with the cities of Poughkeepsie and Beacon were extremely productive,” said Dutchess County Executive Marcus Molinaro. “The cities, towns, villages and county all needed to see a clear path regarding the sales tax formula, and we achieved that.”
City Administrator Mac Nelson said the city “has worked extremely hard to dig itself out of this deficit and stabilize city finances.” He said that will “ultimately lead to a bond rating increase and will return the city’s credit rating to above investment grade.”