Comptroller Proposes System to Rank Local Government Fiscal Health
Comptroller Thomas DiNapoli is proposing an early warning system that would rank New York's local governments based on fiscal stability.
Comptroller DiNapoli is planning a point system based on fiscal categories such as reserves, debt and cash on hand. The office will classify a community or school district in significant, moderate or nearing fiscal stress. Deputy Comptroller, Division of Local Government and School Accountability, Steve Hancox says they were tasked in the spring with developing the system to warn local government officials and taxpayers when a community is trending towards fiscal troubles.
Hancox says the proposed system does not require any new reporting by local governments. Annual reports already filed will be evaluated to determine fiscal stress scores.
New York State United Teachers President Richard Iannuzzi says the Comptroller is on the right track.
New York State Association of Counties Executive Director Stephen Acquario says any tool that helps them in hard economic times is welcome.
A website will be opened next week for a 60-day public comment period on the proposal.