Community Article: Fiscal Year 2024-2025 Rainy-Day Fund

By Barbara Miller Williams, The City of Buffalo Comptroller

Barbara Miller Williams

Buffalo, NY — Recently, the City of Buffalo outside auditors, Drescher & Malecki, LLP, identified a shortfall in operations for the Fiscal Year (FY) 2024-2025 Adopted Budget. On October 20, 2025, a Meeting was held with Common Council President Bryan Bollman and Majority Leader Leah Halton-Pope informing them of the need to use money from the City’s Committed Fund Balance, also known as the Rainy-Day Fund account to close out an outstanding account. A few days later, I sent a letter to Acting Mayor Scanlon and Members of the Common Council requesting authorization to use money from the Rainy-Day Fund to close out FY 2024-2025 financials.

The Acting Mayor and Members of the Common Council made the decision to tap into the Rainy-Day Fund, reducing it by $6.8M. While this outcome is not a positive for the City finances, had it not been done, our Accounting Division would have had to post a negative balance to one of the City accounts (Unassigned Fund Balance). I clearly understand the importance of advancing measures that will protect the City’s Credit Rating (Bond Rating) and therefore prevent higher borrowing costs for future City projects. On behalf of the citizens and taxpayers, I thank the Administration and Common Council for supporting my recommendation. For additional information, please visit the Comptrollers website for a complete summary of this year’s financial results which will be available upon completion of the Annual Comprehensive Financial Report (ACFR) next week.

As City Comptroller, it is my job to protect the City of Buffalo’s finances. I remain committed to my responsibility of protecting the financial future of the citizens and taxpayers and continue collaboration with the Administration, the Buffalo Common Council, and the Buffalo Fiscal Stability Authority.