Local Government Publications

This report summarizes the findings for all of the calendar year-based local governments which have been scored to date, focusing on common themes and statewide trends.1

This bulletin provides information on the reporting requirements of deferred inflows of resources and deferred outflows of resources as required by Governmental Accounting Standards Board (GASB) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position (Statement 63), and GASB Statement No. 65, Items Previously Reported as Assets and Liabilities (Statement 65).

Despite its strong tax base, the Town of Colonie has struggled financially in the past decade. However, between a series of property tax increases, including a one-time tax in 2009, and an arrangement to have a private contractor operate the Town’s landfill, Colonie experienced a stronger financial position at the end of 2011 than it had seen since 2002.

Local Sales Tax Collections Up 5.7 Percent in First Half of 2013; Growth Concentrated Downstate

The decline in manufacturing has contributed to the City of Binghamton’s high rates of unemployment and poverty compared to statewide averages. The City must also contend with constraints upon its ability to raise revenues.

Local governments are more often receiving significant premiums upon the issuance of Tax Anticipation Notes (TANs) and Revenue Anticipation Notes (RANs) and accounting treatment has not always been consistent. This bulletin clarifies the prescribed accounting treatment of TAN and RAN premiums and the restrictions on the use of these premiums.

Many of New York’s local governments are still struggling with the effects of the recent recession. The following report takes a look at how some of the drivers of fiscal stress have affected counties, cities, towns, and villages.

The City has paid down a significant amount of debt. This, along with the City’s substantial fund balance and a large tax margin, leave Watertown well positioned to cope with current and future fiscal challenges.

The City of Elmira has taken measures to control expenditures through management efficiencies, while still recognizing the importance of investment in infrastructure and economic development initiatives.

IDAs can assist ailing municipalities by encouraging the creation of new businesses or the retention of existing businesses. However, it is vitally important that the granting of tax exemptions for a project will generate an economic benefit in the form of well-paying jobs and/or future new revenues for local governments. In short, incentives should be coupled with performance. 2011 Regional IDA Statistics [pdf] | 2011 Regional IDA Statistics - Jobs Created [pdf] | OSC Economic Regions of NYS [pdf] | IDA Projects in 2011 [xlsx]

This report highlights the many services that are available to local officials through our Division of Local Government and School Accountability, including audits, training and research.

The City of Rochester projects large and growing budget gaps in its 2013-14 through 2017-18 fiscal years. Absent significant spending cuts or increasing revenues, the gaps could cause the City to exhaust its available fund balance within the next two fiscal years.

The City of Syracuse faces many of the same challenges as other upstate cities. However, a larger than average percentage of its property tax base is either exempt or delinquent and growing fixed costs in the budgets of the City and the dependent school district have created chronic budget gaps.

By several measures, Yonkers is better off than many other cities in the State. Despite these advantages, the City has been challenged by significant structural budget gaps and, by the end of its 2011 fiscal year, the City had essentially depleted its general fund reserves.

Sluggish growth in sales tax revenues adds additional pressure to already strained county budgets and to the budgets of other local governments that receive sales tax revenues through sharing agreements. | [read county-by-county data - pdf]

Gloversville faces significant fiscal challenges as it has nearly exhausted its constitutional taxing limit, severely limiting its flexibility to address unforeseen expenses and make ongoing infrastructure investments.

The temporary unlimited insurance coverage for noninterest-bearing transaction accounts provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act expired on December 31, 2012. Therefore, after December 31, 2012, deposits held in noninterest-bearing transaction accounts are aggregated with other demand accounts (e.g., “traditional” noninterest-bearing checking accounts) and will be insured by the FDIC only up to the $250,000 limit per custodian per insured bank. Deposits that exceed the $250,000 FDIC coverage must be secured in accordance with statutory requirements.

Utica has been in fiscal decline in recent years, relying on non-recurring revenues to fill budget gaps. Its new mayor has vowed to work with the City Council and OSC to ensure that the City remains in control of its own financial future.

From 2001 to 2011, total federal and state aid combined, grew at an average rate of 2.2 percent annually, slower than the rate of inflation (2.4 percent).

Local governments’ infrastructure needs are substantial and growing, while their ability to maintain their investments in capital programs is increasingly constrained. State policy changes could help reverse this trend..