State Comptroller Tom DiNapoli announced last week that his Fiscal Stress Monitoring System has designated 40 municipalities across the state as fiscally stressed, including 10 counties, 10 cities and 20 towns. The system considers the local governments’ fund balance, cash-on-hand and patterns of operating deficits, and considers environmental information such as population trends, poverty and unemployment. His office also released a report which looks at fiscal stress trends over the past three years.
Comptroller DiNapoli said:
“The challenges facing local governments across the state are real. Our monitoring system has shown that for those localities experiencing financial hardship, it can be difficult to overcome challenges that have been years in the making. Local officials should be carefully examining their scores and using this system to determine how they can budget prudently and develop realistic long-term financial plans.”