State approves Newburgh fiscal plan

The city of Newburgh”™s financial burdens have gotten some help from the state. Among the 48 bills Gov. David Paterson signed into law July 21, the City of Newburgh Fiscal Recovery Act was among them.

Mayor Nicholas Valentine told HVBiz on June 21 the city needed the special legislation  to bridge the gap in its multimillion-dollar deficit, “or the city  will be broke by October. We really cannot ”˜close for business.”™”

Now it appears Newburgh will remain open for business, much to the delight of Valentine and the city”™s Common Council. The city is also working to create a financial review board to boost the city”™s credit rating.