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Albany, City of - 06/03/14 - Albany had no available general fund balance between 2002 and 2006. Subsequently, the City’s available balance grew to a high of $19.8 million in 2008 before declining in the wake of the 2007-09 recession. Standard and Poor’s Rating Services rates the City of Albany’s general obligation debt at AA-, at the low end of its second-highest rating category. The City has formally applied to the Governor’s Financial Restructuring Board for Local Governments for assistance and has been accepted by the Board.
Buffalo, City of - 01/13/14 - Like many other "Rust Belt" cities, Buffalo suffered a decline as transportation patterns shifted and manufacturing facilities shut down. However, Buffalo still benefits from its location on the Canadian border and the City, with State and private sector support, has recently made significant efforts to promote new development.
Glens Falls, City of - 07/23/14 - Like many other cities, Glens Falls has struggled in recent years to maintain services, avoid large tax increases and balance budgets. The City’s high debt service costs for infrastructure expenditures as well as its subsidization of the Civic Center continue to be a burden. By 2012, Glens Falls had drawn down its available general fund balance to $0.6 million, or 3.7 of percent of expenditures.
Middletown, City of - 05/30/14 - Between 2007 and 2012, the City’s available fund balance increased by 82 percent, from $3.8 million to $7.0 million in 2012. In 2012, Moody’s warned that rising employee benefit costs could put upward pressure on expenditures. Also, the State cap on growth in the property tax levy could affect the City’s ability to continue to balance its budget by increasing the property tax.
Plattsburgh, City of - 05/07/14 - The City of Plattsburgh has strong financial operations marked by operating surpluses in 2010 and 2011, modestly sized but growing and diverse tax base and healthy reserve levels. However, Plattsburgh’s high proportion of tax-exempt properties, weak socioeconomic measures due to a large student population and high debt burden are possible threats to the City’s financial condition.
Fiscal Profiles: 2013
Binghamton, City of - 07/18/13 - 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.
Colonie, Town of - 08/27/13 - 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.
Elmira, City of - 06/01/13 - 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.
Gloversville, City of - 02/06/13 - 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.
Rochester, City of - 03/04/13 - 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.
Rye, City of - 12/20/13 - Rye’s total revenues, on an average annual basis, increased 5.7 percent from 2001 to 2011, compared to 3.3 percent for all cities. City expenditures increased by 5.9 percent over this period, compared to a growth rate of 3.6 percent for all cities in New York.
Syracuse, City of - 02/20/13 - 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.
Utica, City of - 01/29/13 - 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.
Watertown, City of - 06/12/13 - The City of Watertown's financial plan calls for drawing down fund balances in addition to implementing modest increases in property taxes, utility rates and water/sewer rates to close projected budget gaps over the next several years.
White Plains, City of - 12/20/13 - White Plains’ economic indicators, while considerably better than those of many other cities in New York, are still relatively low compared with Westchester County as a whole.
Yonkers, City of - 02/20/13 - 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.
Fiscal Profiles: 2012
Niagara Falls, City of - 12/10/12 - Just as Niagara Falls seemed to be making headway in its financial struggles, a dispute between the Seneca Nation and the State of New York has resulted in the City losing as much as $60 million in revenue. The City’s 2013 executive budget proposal called for significant layoffs, program cutbacks, and property tax increases.
Salamanca, City of - 12/10/12 - Salamanca unexpectedly lost revenues from the Seneca Allegany Casino due to a dispute between the Seneca Nation and New York State over exclusive gaming rights. Although Salamanca aggressively responded to this revenue crisis, the City could run out of cash before the fiscal year ends on March 31, 2013.