Newburgh Looks to the Future

Newburgh Mayor Torrance Harvey discussed the city’s troubles when he first took office in April 2018. The city was on the brink of filing bankruptcy, faced mandated fiscal oversight from the New York State Comptroller due to the financial crisis of 2010, and was plagued by a high crime rate, hundreds of zombie properties and little investment, he commented.

Mayor Harvey said that in the past seven years the city has significantly reduced crime, shored up its finances and has embarked on a plan to revitalize the city and attract private investment.

The city’s efforts in improving its finances bore fruit five days after the ABG event. Newburgh announced that the 15 years of state oversight of its finances from the 2010 Newburgh Fiscal Recovery Act officially ended on Aug. 30, 2025. The NFRA, passed by the State Legislature in 2010, allowed Newburgh to borrow funds to eliminate massive, accumulated deficits while placing the city under enhanced state oversight. The law required annual budget reviews by the Office of the State Comptroller, strict financial reporting, and state intercepts of certain revenues to ensure debt repayment.

Newburgh’s City Council, City Manager Todd Venning and Mayor Harvey led a sweeping transformation that restored fiscal discipline, stabilized long-term finances and rebuilt public confidence in City Hall, he noted. The Office of the State Comptroller now recognizes Newburgh as one of the best-managed cities in New York, awarding the city its top score for municipal fiscal health in five straight years—one of only two cities in the state to achieve this recognition. Moody’s has upgraded the city’s bond rating to A1 and awarded Newburgh its highest governance rating of G1—including its highest ratings for institutional structure, policy credibility and effectiveness, and budget management.

“This is more than the end of state oversight; it is proof of what disciplined management, hard choices and community trust can achieve,” said Newburgh City Manager Venning. “When I began this role, Newburgh was still under the long shadow of generational mismanagement that nearly bankrupted the city. Today, Newburgh stands tall as a city that has taken control of its financial future and positioned itself for long-term growth and prosperity.”

In reaction to the end of state fiscal oversight, Mayor Harvey said, “When I became mayor in 2018, Newburgh was still digging out of its crisis years. Today, we are stronger, more transparent and more resilient. Newburgh’s progress is visible in every one of the city’s neighborhoods. Our residents and businesses can now look ahead with confidence, knowing their city is on solid ground and prepared to grow. We have created serious momentum as redevelopment of the 137-acre vacant ‘Hillside’ that was destroyed during the urban renewal era moves closer to reality. Newburgh’s future is brighter than ever.”

At the ABG session, Mayor Harvey detailed the city’s $150-million investment to improve its infrastructure, including the completed $32-milllion Interceptor sewer improvement project. He noted that the city has already approved seven new housing developments, has approximately 120 acres of undeveloped land and in total can now boast of more than half a billion dollars of in-progress development and infrastructure projects, including a downtown hotel project set to break ground soon. Plans are afoot to begin work in 2026 to improve the city’s waterfront dock to eventually welcome cruise ships to the city.

Mayor Harvey predicted: “Within the next twelve to eighteen months you are going to see a full transformation of the River City known as Newburgh, NY—and we are excited. If you are a developer, if you are an investor: get in at the ground level because Newburgh is rocking.”