NEW ROCHELLE, NY -- The City of New Rochelle scored 44.2% in the New York State Comptroller Fiscal Stress Monitoring System, just a few tenths of a percent under the cut-off for being classified as "Susceptible to Fiscal Stress".
"With the restrictions and mandates the State puts on local governments, the City is doing fairly well," said City Manager Chuck Strome. "If you look at all of my budget messages, the issue of fund balance and the importance of it is stressed in all of them.
"The actions the Governor is proposing relative to local governments will make things more difficult in the future," added Strome.
For a copy of the City of New Rochelle fiscal profile visit: http://www.osc.state.ny.us/localgov/fiscalmonitoring/satfiles/City/NewRo...
Earlier this year, New York State Comptroller DiNapoli implemented an early warning system that gives local communities a fiscal stress score.
DiNapoli’s system evaluates local governments and school districts on nine financial indicators and creates an overall fiscal stress score. Indicators include fund balance, cash-on-hand and patterns of operating deficits. The scores are used to classify a local community or school district as being in “significant fiscal stress,” “moderate fiscal stress,” “susceptible to fiscal stress” and “no designation.” The system also evaluates communities relative to 14 environmental stress factors such as population trends, poverty rates and property values.
The Fiscal Stress Monitoring System and resulting fiscal stress designations rely on data (as of 11/29/2013) from annual financial reports submitted by local governments to the Office of the State Comptroller.
This list (sorted in order of fiscal stress score) includes only municipalities with fiscal years ending on 12/31/2012. All towns and counties, 44 cities and 10 villages have a 12/31 fiscal year end.
Local Government Stress List: http://www.osc.state.ny.us/localgov/fiscalmonitoring/pdf/stress_list.pdf
To be classified under "Significant Stress", the Municipality or County has a score of greater than or equal to 65% of total points. 12 Municipalities or Counties were determined to be in "Significant Stress" (5 Counties including Rockland and 7 Municipalities).
To be classified under "Moderate Stress", the Municipality or County has a score of greater than or equal to 45% of total points. 10 Municipalities or Counties were determined to be in "Significant Stress" (3 Counties including and 7 Municipalities).
A third category is "Susceptible to Fiscal Stress" for Municipality or County with a score greater than or equal to 25% of total points. 18 Municipalities or Counties were determined to be in "Significant Stress" (7 Counties including and 11 Municipalities).
For more detailed information about Comptroller DiNapoli’s fiscal stress monitoring system and to view reports related to local government fiscal stress visit: http://www.osc.state.ny.us/localgov/fiscalmonitoring/index.htm
For access to state and local government spending and more than 60,000 state contracts, visit http://www.openbooknewyork.com/. The easy-to-use website was created by Comptroller DiNapoli to promote openness in government and provide taxpayers with better access to the financial workings of government.