Last Tuesday, State Comptroller Tom DiNapoli announced the first list of distressed municipalities under his Fiscal Stress Monitoring System.
After looking at more than 1,000 governments across the state, the Comptroller’s office ranked them based on 23 financial indicators, including cash on hand, operating deficits and demographics. Ironically, what wasn’t stated in the report was the impact of the many unfunded mandates placed on local governments including the pension system, which is controlled by the Comptroller himself.
Eight counties, three cities and 13 towns showed a pattern of deficits and too little cash to pay bills. Read the full list here.
Unfortunately, this is likely to be just the first such list. With the economy improving only slightly in the Upstate region – and continuing to sputter in the Southern Tier – we think the Comptroller and his team are going to be rather busy with this project.
More information about the Comptroller’s fiscal monitoring program is available here.