Following today’s Buffalo Common Council Finance Committee meeting, City Comptroller Barbara Miller Williams seeks to reiterate her position regarding Mayor Ryan’s proposed Declaration of Need borrowing and the potential financing arrangement through the Buffalo Fiscal Stability Authority (BFSA).
CITY OF BUFFALO COMPTROLLER BARBARA MILLER WILLIAMS
Last week, Comptroller Miller Williams met with the Administration, several Members of the Buffalo Common Council, and BFSA representatives to discuss Common Council Item No. 26-000830, Declaration of Need – Financing Between the City of Buffalo and the Buffalo Fiscal Stability Authority. During that meeting, the Comptroller presented an alternative financing option, offering to facilitate a Bond Anticipation Note (BAN) of up to $20.6 million to address the City’s additional capital needs outside of the City’s Annual Borrowing Process.
Comptroller Miller Williams continues to express her opposition to utilizing the BFSA for this proposed borrowing. Her concerns center on the lack of clarity surrounding the proposed financing structure, including questions regarding potential mirror bonds, the withholding of City sales tax and property tax revenues, and the long-term financial implications for the City and its taxpayers who ultimately are responsible for repaying long-term debt. Additionally, the proposed arrangement bypasses the Comptroller’s Office despite the Comptroller’s statutory role in the City’s borrowing process.
“My responsibility is to protect the financial interests of the City of Buffalo and its taxpayers. I offered an alternative borrowing option through the use of a City-issued Bond Anticipation Note because I believe we should pursue financing that maintains transparency, appropriate fiscal oversight, and accountability within the City’s established financial framework. My concerns regarding the BFSA proposal have not changed from the correspondence dated October 12, 2026, and I believe it is important that those concerns are clearly addressed by the Mayor and BFSA representatives immediately,” stated Comptroller Miller Williams.
The Comptroller also recognizes that ultimately the decision regarding how to proceed rests with the Common Council who will vote on the matter during the Common Council Session on November 10, 2026, at 2pm. While the Comptroller remains opposed to the proposed BFSA financing arrangement, she respects their authority to support the BFSA borrowing if they determine it is within the best interest of the Citizens and Taxpayers of the City of Buffalo.
“I am committed to working collaboratively to move the City’s critical infrastructure needs forward, however, it is imperative to note that my responsibility to raise concerns about the potential impact on the City’s long-term fiscal stability, future revenues, and taxpayers remains. My position is rooted in ensuring that we make responsible financial decisions today without creating additional challenges for the City Taxpayers tomorrow,” added Comptroller Miller Williams.
Comptroller Miller Williams remains committed to working with the Administration, members of the Buffalo Common Council, and the BFSA to identify financing solutions that address the City’s immediate infrastructure needs while safeguarding Buffalo’s long-term financial health.