The Office of the New York State Comptroller, Thomas P. DiNapoli, issued the annual Municipalities in Stress Report that assessed the fiscal year ending in 2015. For Glen Cove, the municipality showed a prominent change as the city experienced a drop from Significant Stress to Susceptible to Financial Stress, the lowest of the three levels of stress.
“I am very pleased with the substantial drop in our fiscal stress score as this is a direct result of our efforts to better manage our costs and expenses, pay down debt and grow our revenues—all while keeping our taxes stable,” said Mayor Reggie Spinello. “The 2015 evaluation is very important as it reflects the budget that was developed and implemented by my administration. While I am pleased with the progress we have made, I believe there is still more work to be done.”
The state’s report comes on the heels of the recent release of Moody’s Investors Service financial evaluation of the City of Glen Cove. That report upgraded the city’s outlook from stable to positive while maintaining its Baa3 rating.
“My department heads and finance team have worked diligently with me in addressing the opportunities and challenges of effectively managing the city’s budget and financial obligations,” added Spinello. “Our collective mission is continue to improve our finances for the benefit of our residents.”
The Fiscal Stress Monitoring System measures the financial stability of cities, towns and counties in New York State. The assessments are based on 2015 financial information and takes into account nine fiscal indicators (e.g., year-end balances, fixed costs, use of short-term debt and cash on hand), 14 environmental indicators (e.g., population, property value, unemployment and reliance on state aid) and trends over the past three years.