POUGHKEEPSIE, N.Y. -- A state award of up to $3 million to the City of Poughkeepsie announced Monday will help the city increase revenues while cutting costs at the same time.
The monies, from the State of New York’s Financial Restructuring Board (FRB), come as a result of a yearlong review that looked at the key areas where the city could increase revenue and cut costs, said Mayor Rob Rolison in a press release.
"Working with the FRB, their staff and leadership has been a very positive experience. Their professionalism and expertise is unmatched in municipal finance, we left no stone unturned in what has arguably been the most detailed review and analysis our City Government has ever been a part of," said Rolison.
According to the state report, $1 million of the money will be used to Improve parking infrastructure which in turn could contribute $450,000 annually in revenue to the city.
The report also found that transit and bus services between Dutchess County and the city were redundant and awarded $750,000 to be used to integrate the two. Funding will stop on June 30 for city bus services, with the County adding six new routes to make sure city residents have bus coverage.
The remaining $1.25 million will be used to create an economic development team and cover the city's 2017 contract with the PBA.
Councilman Mike Young (D-2nd Ward), a member of the City’s Finance Committee, said: "The award of these funds will move us from a reactive stance to a proactive one; making investments where they are needed to best serve our residents and realize efficiencies for future years.”
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