Financial Restructuring Board

Gino Geruntino / WRVO

New York state's Financial Restructuring Board released its review and recommendations for the city of Fulton, which in recent years has faced serious fiscal issues. City leaders say they plan to take the state's advice.

Since 2011, Fulton has raised its tax rate by more than 15 percent to make up for a decline in property values. It also slashed full-time staff from more than 150 employees down to 135.

Earlier this year, the city of Fulton was placed on New York state's list of fiscally distressed communities. Now it's the first municipality in the state to sign up for Gov. Andrew Cuomo's recently created Financial Restructuring Board. The ten-person board offers cities management recommendations and grants to help them implement financial changes and get back on their feet.

Fulton Mayor Ron Woodward, Sr., says the city's struggles are the result of several factors, including the loss of two large employers in the area.