Comptroller Issues Report That Places Our City As One of the Financially Soundest Governments In The State

I was fortunate to have received this (see below) from someone who follows this blog.  The New York State Comptroller, Tom DiNapoli, has issued a report that attempts to analyze the ability of local, public institutions to withstand potential financial problems.  As the writer points out, the report places the city of Saratoga Springs as one of only three local governments out of its cohort of sixty-one with a perfect score (Zero).

Here is what the writer posted to me:

The Fiscal Stress Monitoring System provides:

An early warning of fiscal stress to local governments and school districts by examining their financial information and aspects of their external environment;

The System has two main components:

Financial indicators evaluate budgetary solvency, the ability of a locality to generate enough revenue to meet expenses, by measuring:

• Year-end fund balances
• Operating deficits/surpluses
• Cashposition
• Use of short-term debt for cash flow

Environmental indicators capture trends that influence revenue-raising capability and demands for service:

Local Governments

  • • Population
  • • Age
  • • Poverty
  • • Property values •Employment
  • Dependence on revenue
  • from other government units (which can be highly variable)
  • Constitutional tax limits
  • Sales tax revenue
  • • Fixed costs (evaluated for local governments only)

Although environmental factors are largely outside a locality’s control, they provide insight about additional challenges confronting a community

.
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Preceding is a cut and paste from their fact sheet:

http://www.osc.state.ny.us/localgov/fiscalmonitoring/pdf/factsheet.pdf

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My language [The writer’s, not mine]:

Environment score rates the overall health of the city (not the finances) with an attempt to forecast pending problems.

We scored “0” which means we’re one of the healthiest cities with no indication of pending problems.
Stress score rates the financial health of the city with an attempt to forecast financial risk.
Here are the numbers. Be sure to click through the right hand column for Saratoga Springs.

One thought on “Comptroller Issues Report That Places Our City As One of the Financially Soundest Governments In The State”

  1. Thank you John for posting this information about the City’s fiscal health. I am presenting the 2017 Comprehensive Budget on Tuesday night to the City and City Council. I will be issuing a Media Announcement on Monday morning and plan to include much of the information about the state of our fiscal health in this announcement and as a discussion during our upcoming budget meeting workshops. This is all very good news for our City.

    It’s a great report from the Comptroller on Saratoga Springs finances: “0” Stress & “0” Environmental issues. Saratoga Springs is the only one of 61 cities in New York State with a report to receive double “0” ratings.

    I’m also pleased to know your readers, many who are residents and taxpayers, are paying attention to how well we are doing fiscally. A lot of time, energy and work goes into keeping the city humming along financially with all the necessary services our taxpayers and residents need and deserve.

    Michele Madigan
    Commissioner of Finance
    City of Saratoga Springs

    Liked by 1 person

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