Comptroller Finalizes Fiscal Monitoring System

State Comptroller Thomas P. DiNapoli announced Monday his office has finalized plans to implement a statewide fiscal monitoring system that would publicly identify local governments experiencing financial strain.

DiNapoli’s office drafted the “early warning” monitoring system last September and shared details of the proposal with all of the state’s local governments and school districts for their review during a 60-day comment period. More than 85 local government and school district officials, as well as a number of affiliated organizations, provided a wide variety of feedback.

“Many local officials have made it clear this monitoring system will play a helpful role in highlighting the financial trends in communities across New York,” said DiNapoli. “By presenting a realistic picture of the economic and budgetary challenges facing our local governments, corrective actions can be taken when appropriate to avoid a fiscal crisis. It also provides the public an objective analysis they can use to participate in local financial decision-making.

Using data already submitted by more than 3,000 local governments, the comptroller’s office will calculate and publicize an overall score of fiscal stress for approximately 2,300 municipalities and school district across the state. They will be listed as in “significant fiscal stress,” in “moderate fiscal stress,” “susceptible to fiscal stress,” or “not in fiscal stress.”

This article appeared in print on page 4 of the January 29th, 2013 edition of Hamodia.