Press Release: Buffalo Bond Sale Demonstrates Financial Stability.

The New York State Comptroller Thomas DiNapoli announced yesterday that the State’s operating fund lost an epic $87 million in the first quarter of this fiscal year. "Three-and-a-half months into the state fiscal year, the budget still isn't fully done and there's no financial plan." DiNapoli said. “And nothing has been done to reform the budget process." This is only the second time in history that such a loss has occurred.

At the same time, the City of Buffalo reported that for the first time in 23 years it has held a competitive bond auction. Buffalo’s A+ credit rating has given it high staus in the municipal bond market, and large banks lined up for a chance to buy the highly rated bonds. The auction of the bonds will give the City nearly $30 million for city improvements.

North District Common Councilmember Joseph Golombek, Jr. sees the continuation of a theme in yesterday’s news. “The politicians in Albany continue to run this state into ruin with their irresponsiblity and corruption. As the incumbents take the summer off to raise money for their campaigns, the budget is 109 days late, and nothing is being done about it. Every single day the situation looks worse for New York.” On the topic of Buffalo’s greatly improved financials, Golombek continued: “The A+ credit rating given to the City is a strong indicator of just how well we have done by cutting spending. Fiscal restraint and responsible governance are clearly what are needed to make a government function. The waste, inaction and profigality of the incumbents in Albany are a disgrace and embarrasment to this state.”

Elected to the Buffalo Common Council in 1999, Joe Golombek has a record of reform, having helped downsize the Buffalo Common Council, reduced the budget of the Council by nearly 40%, and fought to impose term limits on elected City officials. He is running for Assembly to help Buffalo by reforming Albany. His platform includes the right of constituents to recall their elected officials, term limits for state legislators, and mandating pay reductions of legislators for each day the budget is late.