Fiscal Stress Monitoring SystemMarks 10-Year Anniversary
September marks the 10th anniversary of the Fiscal Stress Monitoring System for local governments and school districts. State Comptroller DiNapoli launched the system to evaluate local governments’ financial indicators and provide an early warning to local officials about potential fiscal issues and give the public insight into their communities’ financial health.
Thanks in part to federal aid and rising sales tax revenue, the number of local governments with a fiscal stress designation dropped from 20 a year ago to 14 for fiscal year end 2022.
“Our fiscal stress early warning system identifies potential financial problems for local governments so they can take corrective action to avoid problems down the road,” DiNapoli said. “Sales tax collections have leveled off in recent months and federal dollars are being spent down, so localities should plan their budgets cautiously and accordingly.”
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DiNapoli Urges Focus on Addressing Rural Challenges
State Comptroller DiNapoli released a report examining demographic, economic and quality of living trends in 10 rural counties in New York State. Most of the counties had population losses, aging residents, a shrinking labor force, as well as challenges with housing availability and access to health care, food and broadband. The counties selected as representative of rural New York include Allegany, Chenango, Delaware, Essex, Greene, Hamilton, Lewis, Schuyler, Sullivan, and Wyoming.
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Transparency Needed as NYC Moves Forward with Difficult Budget Choices
New York City is planning significant steps to reduce City-funded spending by as much as 15% in response to substantial budget gaps fueled by escalating costs in the years ahead. However, the City’s ability to cut spending is limited to what it has discretion and control over, according to a report released by State Comptroller DiNapoli. The report urges the City to use greater transparency for nondiscretionary costs that it does not have direct control over to help the public, policymakers and its funding partners understand what’s at stake.
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Former Medical Office Manager Arrested for Scheme to Defraud the New York State Health Insurance Plan
State Comptroller DiNapoli announced the arrest of Gina Bradshaw, an office manager for numerous doctors’ offices in Manhattan, for her alleged role in a long-term scheme to defraud the New York State Health Insurance Plan out of over $12,000 by submitting fraudulent claims for reimbursement. The arrest was the result of a joint investigation between State Comptroller DiNapoli, Ulster County District Attorney Clegg, and the FBI Hudson Valley White Collar Crime Task Force.
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Great Demand For NYS General Obligation Bonds Allows State to Reduce Costs to Taxpayers
State Comptroller DiNapoli awarded through negotiated sale $572,715,000 of New York State General Obligation Bonds. After a one-day retail and institutional order period, the State received total orders of over $1.6 billion or 2.8 times the amount of bonds offered, which allowed the State to reduce yields in many maturities. Ultimately, retail orders supported over 55 percent of the total bond sale, of which 85 percent was from New York retail buyers. The true interest cost of the GO Bonds was 3.99 percent.
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Municipal & School Audits
- Brighter Choice Charter School for Girls
- City of White Plains
- Germantown Central School District
- Rapids Fire Company
- Town of Amherst
- Town of Rodman
- Village of Lindenhurst
- Yates County
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Tom DiNapoli @NYSComptroller
