BEACON – Municipalities around the region have been estimated financial losses in the millions as a result COVID-19. That is not the case in the City of Beacon, says Mayor Lee Kyriacou. The mayor said the city is in “reasonable shape for a while” with an ample fund balance that could cover losses.
“I don’t want to project too far into the future, but compared to a number of neighboring cities who didn’t have much in terms of a fund balance – fund balances are basically how much is in your short-term savings account as a community in case you have some kind of a hit and we actually have a cushion there, so I think we have some flexibility for a while,” he said.
Kyriacou, who became mayor in January, has been a member of the Beacon City Council for some 30 years and works in the banking and finance industry.