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Thursday 8 December 2022
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Miner, DiNapoli: Syracuse Passes Fiscal Stress Test for Third Year in a Row

By Staff

 

Mayor Stephanie Miner

Mayor Stephanie Miner

Syracuse has passed the New York State comptroller’s fiscal stress test for the third year in a row, State Comptroller Thomas DiNapoli stated.

DiNapoli and Mayor Stephanie Miner held a press conference May 9, to announce Syracuse had received a score of 32.5 percent through the state’s Fiscal Stress Monitoring System.

“Mayor Miner continues to face the city’s tough fiscal challenges head-on,” DiNapoli stated. “She has acknowledged that the financial issues that affect Syracuse are ongoing and will require persistence, and careful management. Wisely, the mayor has developed a multi-year financial plan that addresses potential budget gaps, and operational deficits. This type of forward-thinking can help a municipality become more efficient, more creative, and more effective with the resources that are available. I have no doubt that Mayor Miner and her colleagues, can continue to build on their successes.”

The state’s fiscal stress test uses financial indicators that include year-end fund balance, short-term borrowing, and patterns of operating deficits, to create an overall fiscal stress score.

The score classifies whether a municipality is in “significant fiscal stress,” in “moderate fiscal stress,” is “susceptible to fiscal stress” or has “no designation.” Syracuse has a “no designation” classification.

According to Mayor Miner, upgrades to bond ratings, diligence to paying off debt, and other budget decisions have been responsible for stabilizing the city’s finances.

“This ‘no stress’ designation demonstrates the commitment my administration has to making tough choices, and delivering results for the people of the city of Syracuse,” Miner stated. “Our efforts have resulted in recognition from all corners. We have been the recipient of good bond ratings from Wall Street, and once again the comptroller’s office has acknowledged our work through the Fiscal Stress Monitoring System. There is still much work to do to ensure our finances are sustainable in the long-term. It is critical New York state provide serious mandate relief, and offer further assistance to municipalities.”

Visit http://osc.state.ny.us/localgov/fiscalmonitoring/lists.htm for the full list of fiscal stress scores.