BUFFALO FISCAL STABILITY AUTHORITY
617 Main Street Suite 400
Buffalo, New York 14203
Phone: 716.853.0907 ~ Fax: 716.853.9052
www.bfsa.ny.gov

May 11, 2020
Honorable Byron W. Brown
City of Buffalo Mayor
201 City Hall
Buffalo, NY 14202
Dear Mayor Brown:
The Buffalo Fiscal Stability Authority (BFSA) is requesting the submission of a revised 20212024 financial plan for the City of Buffalo (City) to address how the budget gap will be closed in
the event federal stimulus is not approved and casino revenues are not received. The financial
plan as dated May 1, 2020 includes $65.1 million of federal stimulus intended to cover estimated
reductions in State aid and sales tax revenue; however, federal stimulus funding for general
operations for state and local governments has not yet been approved. Additionally, the 2020-21
budget includes $11.0 million in casino revenue and various other revenues that likely will be
negatively impacted by extenuating circumstances related to the pandemic. It is important for
BFSA to understand the potential impact to both the finances of the City and services being
provided if revenues are insufficient to meet expenditures not only in the subsequent budget year
but also how this would impact future years.
With respect to the general proposal to borrow for the resulting budget gap, the financial plan
should include borrowing limits and repayment provisions as currently permitted under statute or
guidelines; proposed legislation increasing limits and/or extending repayment terms should not
be considered at this time.
Additionally, a written detailed synopsis should be included that provides the key underlying
assumptions made over the financial plan including the outyears, as it is needed for BFSA to be
able to analyze and comment on the financial plan. The revised financial plan should also
include realistic revenue and expenditure budgetary projections based on a pragmatic recovery
period as currently the expectation is that there will not be a swift economic recovery.

 The BFSA has the utmost confidence in your ability to lead the City of Buffalo through this
unprecedented pandemic. We recognize the difficulty and effort in preparing such a financial
plan. Please know our staff are available to assist your staff with any questions they may have.
Sincerely,

R. Nils Olsen, Jr.
Chairman
cc: BFSA Board of Directors
Richard Grimm – Magavern Magavern & Grimm
James Magavern - Magavern Magavern & Grimm
Honorable Barbara Miller-Williams
City of Buffalo Common Council
Donna Estrich, Commissioner of Finance, Administration and Urban Affairs