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.
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.
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.
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 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.
Total local sales tax collections in New York State grew by $439 million, or 3.0 percent, from 2013 to 2014.1 This was less than the 2012 to 2013 growth of 5.2 percent, and the slowest annual growth since the end of the 2008-09 recession.
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.
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.
In 2012, the full market value of all real property in New York State was estimated at $2.5 trillion dollars with about $826 billion exempt from one or more types of taxes. This report explores what tax exemptions are, where they are most prevalent, and what local governments may do to minimize their impact.
Rye has strong public and private services, including an excellent school system, a vital retail shopping sector and recreational facilities that include parks, beaches, golf and yacht clubs, and nature centers.
