NYS Comptroller: Village of Addison “susceptible to fiscal stress”

Corning Bureau

ADDISON, N.Y. (WETM) – The Village of Addison has been identified by State Comptroller Thomas P. DiNapoli’s Fiscal Stress Monitoring System as one of eight villages and three cities in New York that faced financial stress in 2020.

The level of financial stress is based on scores that largely reflect the time period before the COVID-19 pandemic. DiNapoli evaluated all non-calendar year local governments and designated three cities and three villages in “significant fiscal stress,” one village in “moderate fiscal stress” and four villages as “susceptible to fiscal stress.”

For the fiscal years ending 2020, the three cities in “significant fiscal stress” include Amsterdam (Montgomery County), Long Beach (Nassau County) and Yonkers (Westchester County).

The three villages in “significant fiscal stress” are Island Park (Nassau), Valley Stream (Nassau) and Wappingers Falls (Dutchess).

The village of Fayetteville (Onondaga) is designated as being in “moderate fiscal stress” and the villages of Addison (Steuben); Millbrook (Dutchess); Oriskany (Oneida); and South Dayton (Cattaraugus) are designated as being “susceptible to fiscal stress.”

Addison received a 53.8, putting it on the brink of being in “moderate fiscal stress.”

Municipalities in Fiscal Stress

In 2019 the Town of Pulteney was listed as having moderate fiscal stress. In the last two years neither Chemung or Schuyler counties had a municipality listed under any fiscal stress.

18 News has reached out to village officials for comment on the village’s financial outlook. Steuben County Manager Jack Wheeler declined to comment on the report.

“These local communities were already struggling with fiscal stress before the pandemic hit,” DiNapoli said. “Some of that pressure could be alleviated with federal stimulus funds and the restoration of state aid, but the full extent of the pandemic’s impact on local communities is unclear and the fiscal landscape continues to change. Local officials should remain vigilant in monitoring their financial condition.”

The latest round of fiscal scores evaluated local governments with fiscal years ending between February 28 and July 31. DiNapoli’s office evaluated the fiscal health of 523 villages, which predominantly have a fiscal year ending on May 31, based on self-reported data. The scores also cover the 17 cities in New York with non-calendar fiscal years, including the “Big 4” cities of Buffalo, Rochester, Syracuse and Yonkers, each of which have fiscal years ending on June 30.

The system, which has been in place since 2012, assesses levels of fiscal stress in local governments using financial indicators including year-end fund balance, cash position, short-term cash-flow borrowing and patterns of operating deficits. It generates overall fiscal stress scores, which ultimately drive final classifications. The system also analyzes separate environmental indicators to help provide insight into the health of local economies and other challenges that might affect a local government’s or school district’s finances. This information includes population trends, poverty and unemployment.

DiNapoli’s office also has a self-assessment tool that allows local officials to calculate fiscal stress scores based on current and future financial assumptions. Officials can use this tool to assist in budget planning, which will continue to be especially important in light of the ongoing pandemic and the related revenue and expenditure fluctuations.

In January, DiNapoli released fiscal stress scores for school districts which found 31 school districts statewide were designated in fiscal stress. In September, DiNapoli’s office will release scores for municipalities with a calendar-year fiscal year, which includes all counties, towns, the majority of cities and a few villages.

List of Villages and Cities in Fiscal Stress
Municipalities in Stress Fiscal Year Ending 2020

Complete List of Fiscal Stress Scores
Lists

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