Mon May 5, 2014
DiNapoli says Buffalo free of fiscal stress
State Comptroller Thomas DiNapoli has released fiscal stress rankings for several upstate cities. DiNapoli says Buffalo does not appear to be susceptible to stress at this point.
DiNapoli's office has examined the fiscal condition of nearly 2,300 municipalities and school districts across the state since introducing the stress rankings last year.
In its initial report using data as of December 2012, Niagara Falls was one of 12 cities in New York under significant financial stress. In this latest report, from data compiled as of July 2013, Buffalo shows no sign of stress. Neither do Batavia and Olean.
DiNapoli says his office looks at year-end fund balance, cash position and patterns of operating deficits in creating an overall fiscal stress score.
DiNapoli says his office is prepared to help municipalities that are coping with fiscal problems.
"We can certainly help with self-assessment tools, long-term financial planning, legal analysis and technical assistance of various kinds," DiNapoli said.
To date, DiNapoli has identified 142 municipalities and school districts with some level of fiscal stress. The majority of them are school districts, including Lewiston-Porter and West Seneca.