Local Governments Could Face Fiscal Cliffs
The expiration of one-time federal pandemic aid, combined with state aid that has not kept pace with inflation and slower growth in local revenue, may push some local governments closer to the edge of a fiscal cliff, according to a report released by Comptroller DiNapoli. The report provides an overview of these revenue sources and how they have affected local budgets in recent years.
“With pandemic aid coming to an end and uncertainty coming out of Washington, local governments need to shore up their fiscal foundations,” DiNapoli said. “By focusing on ensuring structural budget balance, using realistic revenue projections and multiyear planning, local governments will be better positioned to weather whatever financial challenges lay ahead. My office continues to support local governments by offering resources to help with financial planning and management.”
On February 14, Comptroller DiNapoli hosted a reception at the 54th Annual Legislative Conference sponsored by the New York State Association of Black, Puerto Rican, Hispanic & Asian Legislators. This event, now in its third year, brought together changemakers who are committed to equity and progress. At the reception, the Comptroller honored the following leaders for their dedicated service and contributions to make New York a better place to live and work:
- New York State Senator Cordell Cleare
- Peter De Jesús, Jr., President, Western New York Area Labor Federation
- Calvin Harris Jr., Chief Executive Officer, New York State Society of CPAs
- Jovan Richards, Media & Government Relations Manager, New York State Society of CPAs
As NYC Budget Stabilizes, New Risks Emerge
New York City increased its expectations for its surplus in fiscal year (FY) 2025 to $2.34 billion, largely as a result of stronger tax revenue projections and a reduction in the cost of providing services to asylum seekers, which will help balance its $116.9 billion FY 2026 budget, according to a report released by Comptroller DiNapoli.
Former Marbletown Fire Chief Arrested for Stealing Over $100K From Department
Comptroller DiNapoli, Wayne County District Attorney Christine Callanan and the New York State Police announced a former fire chief and treasurer was arrested for stealing $101,000 from the Marbletown Volunteer Fire Department in Newark, New York.
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