25-1405 : Comptroller - Capital Bond Response to Mayor

This agenda item, "Comptroller - Capital Bond Response to Mayor," concerns a dispute between the Comptroller's office and the Mayor's administration regarding the City of Buffalo's capital borrowing.

Key Issues:

• Debt Cap Disagreement: The Comptroller, Barbara Miller-Williams, has established a $28 million capital debt cap for Fiscal Year 2024-2025, citing guidance from financial advisors and rating agencies to protect the City's credit rating and financial stability.
• Mayor's Capital Budget: The Mayor's office submitted a Capital Budget totaling $110 million, which significantly exceeds the Comptroller's established cap. Resolutions totaling $56,853,709 were approved by the Common Council, further exceeding the cap.
• Lack of Prioritization: The Comptroller's office has repeatedly requested a revised and prioritized list of Capital Improvement Projects (CIP) that falls within the $28 million cap, but no such list has been provided by the Mayor's administration or Buffalo Public Schools.
• Comptroller's Stance: The Comptroller will not authorize or certify borrowing beyond the $28 million limit. However, she will proceed with issuing $7 million in Bond Anticipation Notes (BAN) for urgent and compliant capital needs.
• Inter-Departmental Conflict: The Mayor's office has directed the Buffalo Public Schools not to modify the approved capital budget, leaving the Comptroller and Mayor to resolve the dispute.

The item has been repeatedly tabled by the Finance Committee since September 2025, indicating ongoing deliberation and disagreement.