Niagara Gazette

Local News

May 15, 2013

'Negative outlook' for Falls finances from bond agency


Niagara Gazette — The agency’s “negative outlook” means there is “continued downward pressure” which could lead to another downgrade in the next year or two, David Jacobson, a spokesperson for Moody’s, said in an email.

In March, the city was also put “on watch” for a downgrade from Standard & Poor’s Rating Services, which currently gives the city a bond rating of triple-B-plus.

Mayor Paul Dyster continues to maintain that he is confident the city will get its money — either through an ongoing arbitration process or a negotiated settlement between the state and the Senecas — before cash flow issues come to a head.

He disagreed with Moody’s assertion that there is no clear time frame for a resolution to the dispute.

“There is a clear time frame for the conclusion of arbitration,” Dyster said, referring to the mid-year end date for arbitration that has been repeated by state officials. “That makes for a clear time frame for a negotiated settlement.”

In addition, Gov. Andrew Cuomo gave the Senecas an ultimatum last week, saying that the Indian tribe needs to come to the table to negotiate a deal with the state before the legislature recesses in late June. Otherwise, Cuomo said he would push state lawmakers to open up Western New York as a site for a non-Indian casino as part of his gaming expansion plan.

Council Chairman Glenn Choolokian said he was not surprised by the bond rating downgrade.

“We’re in a bad spot,” Choolokian said. “The city didn’t do anything to the state or the Seneca Nation.”

City lawmakers have for months been asking Dyster join them in formulating a contingency plan for any delay or lack of deliverance of the anticipated casino revenue.

Choolokian said Dyster’s administration has not reached out to his office to set up a contingency plan since the matter was discussed in February.

Text Only | Photo Reprints
Local News
Featured Ads
Seasonal Content
House Ads
AP Video
Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Raw: Deadly Tornado Hits Virginia Campground
House Ads
Night & Day
Twitter News
Follow us on twitter
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Front page

Do you think cigarette sales to non-Native American customers should be taxed on reservations?

Yes. Items should be taxed like they are everywhere else.
No, the indian reservations are sovereign land and they are selling them on their land.
Not up to me. Native Americans decide the rules on their land.
Don't care. Smoking isn't good for you.
     View Results