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State Comptroller Thomas DiNapoli recently released the results of his fiscal-stress monitoring system, looking into how governments in New York fared in fiscal year 2012. The system relies on data from annual financial reports submitted by local governments to the Office of State Comptroller.
Deputy Supervisor Peter DeLucia said the report has not affected Lewisboro’s A+ stable credit rating. Given the fiscal climate municipalities throughout New York are facing, he was not surprised by the report.
“Our overall taxes are increasing, and our assessments are falling, and mortgage tax revenues have been static,” DeLucia said. “We are under the gun every year.”
DeLucia said the town has remained stable by building back its fund balance, monitoring expenses, making conservative revenue projects and making conservative revenue projects. DeLucia said the town has not relied on large tax increases which he believes only further hurt the tax base.
“While we have made progress this shows how important it is to continue to exert fiscal constrains in order to ensure we receive maximum return for our tax dollars,” DeLucia said.
The Town of Mount Pleasant was also deemed to be susceptible to fiscal stress. No Westchester municipality is facing significant or moderate fiscal stress.
Municipalities across the state have faced rising pension and health-care costs, while having to deliver budgets within a two percent cap on the tax levy.
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