Binghamton Borrowing Practices Criticized

An audit by the New York State Comptroller’s office is recommending the City of Binghamton come up with a plan for reducing debt and revising its borrowing methods.

The report from Thomas DiNapoli’s office says Binghamton had the highest debt compared to finances in Utica, Niagara Falls, Schenectady and Troy from January 2012 to the end of 2014.

Among the findings, the audit says Binghamton had been borrowing money to finance items, costing under $100,000, that are normally included in the city regular budget.  The audit says that practice could force property tax increases.

Binghamton Mayor Richard David said the City requested the review and has taken several steps to revise borrowing and spending practices.