MID-HUDSON – The City of Kingston could lose between $4 million and $6.5 million in revenue as a result of COVID-19, according to projections from City Comptroller John Tuey. In order to make up some of the losses, the $7.38 million fund balance would have to be tapped.
Tuey presented his calculations for the city’s short-term picture to the common council’s Finance Committee Wednesday night.
“How low are you willing to let the fund balance grow. I have concerns about the fund balance being depleted, quite frankly,” he said. “The mayor has expressed a plan that will utilize some fund balance. I have expressed to the mayor and I will express to the common council if you let the fund balance get to the point of the high loss estimate, I have concerns about the access to capital.”
In the City of Newburgh, Comptroller Todd Venning told council members this week that the city could face a $11 million cash shortfall, but that can be, at least partially offset, by an increase of $5.5 million in the city’s fund balance.
NEWS STORY PROVIDED BY: Mid Hudson News -www.midhudsonnews.com