ALBANY, N.Y. (NEWS10) – An annual report discovered two cities within the Capital Area are among the many most fiscally troubled communities within the state.
The report from New York State Comptroller Thomas DiNapoli discovered the cities of Albany and Watervliet to be in a number of the worst monetary circumstances – a warning for each cities to do a greater job balancing its budgets.
“We’re shifting in the suitable path,” Albany Mayor Kathy Sheehan stated. “It’s not a shock.”
Sheehan believes the 2016 Fiscal Stress Rating exhibits the town has extra work to do. The town improved from the yr earlier than by reducing 10 factors, however the rating nonetheless locations it within the “Vital Fiscal Stress” class, which is the worst on the size.
Sheehan stated the rating is a results of years of working from the town’s fund stability.
“The town was deficit-spending yearly and had run out of that fund stability,” she defined.
The town continues to regain and develop its reserve however not sufficient to enhance its rating. Even a $6 million surplus didn’t assist, however Sheehan stated capital metropolis funding will.
“We have been profitable in 2017 in getting that $12.5 million as new cash, and as we transfer ahead, we’re trying to make that $12.5 million everlasting,” she stated.
Watervliet’s fiscal stress rating elevated almost 15 factors however can also be within the “vital” class. Metropolis Councilman Charles Patricelli wasn’t shocked.
“I’m not stunned,” he stated. “I sort of anticipated it.”
Patricelli stated the town’s reserves decreased far more within the final fiscal yr, they usually haven’t provide you with a plan to unravel the issue. He hopes the rating encourages some change.
“I’m hoping it’s a wakeup name,” he stated. “I feel we’d like to have the ability to provide you with a plan. We have now to develop one thing, and we’ve got to develop it shortly.”
Watervliet Mayor Mike Manning advised NEWS10 ABC the town is working with the comptroller’s workplace to enhance the town’s funds, which incorporates finishing an audit.
Two different communities within the Capital Area have been talked about within the report. It discovered the City of Fulton to be in Average Fiscal Stress and Colonie to be Vulnerable to Fiscal Stress.