NYS Comptroller’s Office Removes Broome County from “Fiscal Stress” Designation List

(BINGHAMTON, NY) Broome County Executive Jason Garnar is proud to announce that Broome County is no longer on the New York State Comptroller’s Fiscal Stress Monitoring System list. 

The Comptroller’s Office recently released its latest fiscal stress scores for New York communities. Comptroller Thomas DiNapoli’s latest round of scores show Broome County with “no designation” of fiscal stress for the calendar year 2019. 

“We have worked extremely hard over the past three years, hand in hand with the Broome County Legislature, to increase our reserves, cut taxes, and implement fiscally responsible budgets,” said Broome County Executive Jason Garnar.

This designation comes after Broome County was identified as in “significant fiscal stress” for the calendar year 2016 and “susceptible to fiscal stress” for calendar years 2017 and 2018. 

The Fiscal Stress Monitoring System compiled by the Comptroller’s Office evaluates local governments on such indicators as cash-on-hand and short-term borrowing. The analysis provides an assessment of the fiscal challenges facing individual local governments and school districts, identifying situations where corrective action may be needed. 

Broome County has improved its fiscal stress score greatly in the last three years, improving by more than 30 points in the Comptroller’s system.

Fiscal Stress Monitoring System (http://www.osc.state.ny.us/local-government/fiscal-monitoring)

Fiscal Year Ending           Score          Designation
2016                                  67.1            Significant Fiscal Stress
2017                                  54.6            Susceptible Fiscal Stress
2018                                  51.3            Susceptible Fiscal Stress
2019                                  41.7            No Designation

The Office of the New York State Comptroller uses the Fiscal Stress Monitoring System to examine the annual financial information reported by counties in New York. 

The 2019 scores from the Comptroller’s Office are based on end-of-year results, just before the start of the COVID-19 pandemic and provide a baseline measurement of local governments’ ability to respond to the current crisis.

“2020 has been an extremely challenging financial year due to the COVID-19 pandemic,” said Garnar. “I am committed to continuing to work to maintain our Broome County finances with my proposed 2021 budget.”

Publish Date
September 25, 2020