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City of Buffalo CITY OF BUFFALO POPULAR ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2019 BUFFALO, NEW YORK AM ESSAGE FROM THE ABOUT THISC REPORTOMPTROLLER Totizens the of the A MESSAGE FCiROM TABLE City of Buffalo of THE COMPTROLLER , CONTENTS As the chief fiscal officer of the City of Buffalo, we are pleased to present to you our Popular Annual Financial Report (PAFR) for the fiscal ended June 30, 2019. To the Citizens of the City of Buffalo, Annually the City issues audited financial statements, known as the Comprehensive Annual Financial Report (CAFR), which is prepared in accordance with Generally Accepted Accounting Principles (GAAP). The CAFR contains BUSINESS & To the Citizensdetailed of financial the City and of disclosure Buffalo, information for the City that, although extremely informative, can prov ECONOMIC As the chiefchallenging fiscal officer to ofinterpret the City of for Buffalo, those we who are dopleased not regularlyto presentreview to you our financial Popular statements. Annual Financial DEVELOPMENT AsReport the chief (PAFR) fiscal for theofficer fiscal of ended the City June of30, Buffalo, 2019. we are pleased to present to you our Popular Annual Financial Pages 2 – 3 Report (PAFR) for the fiscal ended June 30, 2019. AnnuallyThe the PAFR, City issues on the audited other financial hand, presents statements, the known financial as the information Comprehensive from Annual the FinancialCAFR in Reporta more (CAFR), concise and user which format.is prepared Please in accordance note that with the Generally PAFR is Accepted unaudited Accounting and pr Principles (GAAP). The CAFR contains Annually the City issues audited financial statements, known as the Comprehensive Annual Financial Report (CAFR), detailedfinancial financial data and is disclosure provided information in this report. for the Information City that, although about extremely component informative, units and can enterprise prove funds is available in the EDUCATION & whichchallengingCAFR. is prepared to interpret in accordance for those who with do Generallynot regularly Accepted review financial Account statements.ing Principles (GAAP). The CAFR contains CULTURE detailed financial and disclosure information for the City that, although extremely informative, can prove Page 4 challengingThe PAFR, on to the interpret other hand, for those presents who the do financial not regularly information review from financial the CAFR instatements. a more concise and user-friendly e format.The City’s Please last note six that PAFR’s the PAFR received is unaudited Awards and for presented Outstanding on a non Achievement-esentedGAAP basis. on Onlya in non Po general government the Government Financial Officers Association of the United States and Canada (GFOA). Thefinancial PAFR, data on the is provided other hand, in this report.presents Information the financial about information component unitsfrom and the enterprise CAFR in a funds -moreGAAP is availableconcise basis. Only inand the user-friendly general government CAFR.Certificate of Achievement for Excellence in Financial Reporting to the City DEMOGRAPHICS format. Please note that the PAFR is unaudited and presented on a non-GAAP basis. Only general government financialconsecutive data is year provided Buffalo in hasthis earnedreport. thatInformation honor. Electronic about component copies of units both and enterprise funds is available in the -friendly Page 5 The City’s last six PAFR’s received Awards for Outstanding Achievement in Popular Annual Financial Reporting from CAFR.website: the Governmentwww.buffalocomptroller.com Financial Officers Association of the United States and Canada (GFOA). The GFOA also awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for last year’s CAFR, thirteenth InThe consecutiveaddition City’s last to year informationsix Buffalo PAFR’s has received earnedabout thatAwards the honor.City’s for financ Electronic Outstanding copies Achievement of both the CAFR in Popular and PAFR Annual canpular be foundFinancial Annual at our FinancialReporting from CITY structure,thewebsite: Government economicwww.buffalocomptroller.com Financial progress, Officers business Association climate, of education the United system, States and cultural Canada attractions (GFOA). and The demographics. GFOA also awarded Thank a GOVERNMENT for last The GFOA alsoReporting awarded from a youCertificate for your interestof Achievement in our City, for andExcellence we hope in Financialyou enjoy Reportin the reportg to the City for last year’s CAFR,year’s thirteenth CAFR, thirtee Page 6 consecutiveIn addition to year information Buffalo abouthas earned the City’s that financ honor.es, this Electronic PAFR contains copiesinformation of both the about CAFR Buffalo’sthe and CAFR PAFR governmental and can PAFR be canfound be at found our at our structure, economic progress, business climate, education system, cultural attractions and demographics. Thank website: www.buffalocomptroller.com es, this PAFR contains nth Barbarayou forM your interest in our City, and we hope you enjoy the report! Comptrolleriller -Williams information about Buffalo’s governmental CITY FINANCES InBarbara addition Miller to information-Williams about the City’s finances, this PAFR contains information about Buffalo’s governmental Pages 7 - 8 structure,Comptroller economic progress, business climate, education system, cultural attractions and demographics. Thank ! you for your interest in our City, and we hope you enjoy the report! Barbara Miller-Williams Comptroller 1 BUSINESS & ECONOMIC DEVELOPMENT BELOW ARE A FEW OF THE UPCOMING PROJECTS, INVESTMENTS AND GRANTS WITHIN THE CITY OF BUFFALO: • Nash Lofts - 163 Broadway ($6.6 million • AM&A’s building at 377 Main St. ($70 mil- investment) to convert four vacant buildings lion investment) will be turned into a 350 on Broadway and Michigan into mixed use room Wyndham Hotel apartments, office space and restaurants • The development and reconstruction of • Albright-Knox Art Gallery at 1285 Elmwood Seneca One Tower ($120 million investment) Ave. ($160 million investment) expansion and former Buffalo Police Headquarters and renovation ($30 million investment) are helping reshape Downtown by bringing additional jobs, apartments, office space and restaurants • City of Buffalo contracted with a new Pre scription Benefit Manager (CVS) that’s • Renovation of the former 600,000-square estimated to save the City $8 million in foot Trico building that will consist of 133 administration costs apartments and 100,000 square feet for mix use office, retail and restaurant tenants ($80.5 million Investment) • New York State ongoing commitment to cultivate the East Side of Buffalo with an investment of $120 million to transform • Record Theatre building at 1785 Main St. neighborhoods, revitalize the Jefferson (Up to $7 million investment) renovation for Avenue commercial corridor and create mixed use job-training opportunities for residents • City of Buffalo secured a $9.8 million grant • Northland Workforce Training Center – (SAFER) from FEMA to fund the salaries Phase 2 ($45 million investment) for 50 new firefighters for three years & $322,000 from FEMA to cover additional firefighter operational costs • Louisiana ($ 25 million investment) con struction of apartments • New York State to provide $10 million, Ralph BUSINESS & ECONOMIC DEVELOPMENT C. Wilson, Jr. Foundation’s $5 million and City of Buffalo $3 million to help fund LaSalle Park project (Replace Hudson St. pedestrian bridge) Below are a few of the upcoming projects, investments and grants within the City of Buffalo: • Nash Lofts - 163 Broadway ($6.6 million • City of Buffalo secured a $9.8 million grant (SAFER) from • City of Buffalo contracted with a new investment) to convert four vacant buildings on2 FEMA to fund the salaries for 50 new firefighters for three Prescription Benefit Manager (CVS) that’s Broadway and Michigan into mix use apartments, years & $ 322,000 from FEMA to cover additional firefighter estimated to save the City $8 million in office space and restaurants operational costs administration costs • The development and reconstruction of Seneca • New York State ongoing commitment One Tower ($120 million investment) and former • New York State to provide $10 million, Ralph C. Wilson, Jr. to cultivate the East Side of Buffalo with Buffalo Police Headquarters ($30 million investment) Foundation’s $5 million and City of Buffalo $3 million to help an investment of $120 million to transform are helping reshape Downtown by bringing fund LaSalle Park project (Replace Hudson St. pedestrian neighborhoods, revitalize the Jefferson additional jobs, apartments, office space and bridge) Avenue commercial corridor and create restaurants job-training opportunities for residents • Renovation of the former 600,000-square foot Trico building that will consist of 133 apartments • AM&A’s building at 377 Main St. ($70 million investment) • Northland Workforce Training Center and 100,000 square feet for mix use office, retail will be turned into a 350 room Wyndham Hotel – Phase 2 ($45 million investment) and restaurant tenants ($80.5 million Investment) • Barcalo & Boil apartments at 175- • Record Theatre building at 1785 Main St. (Up • Albright-Knox Art Gallery at 1285 Elmwood Ave. ($160 255 Louisiana ($ 25 million investment) to $7 million investment) renovation for mixed use million investment) expansion and renovation construction of apartments BUSINESSBUSINESSBUSINESS & ECONOMIC& ECONOMIC & ECONOMIC DEVELOPMENT
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