Comptroller Names Southern Tier Municipalities In Fiscal Stress Report

More

Updated: 9/27/19 – 12:08 P.M.

VESTAL, NY (WSKG) – A few Southern Tier municipalities were listed on a fiscal stress report from the New York Comptroller’s office.

Broome County Executive Jason Garnar. (Gabe Altieri/WSKG)

Broome County, the City of Elmira and the Village of Canisteo all made Comptroller Tom DiNapoli’s list.

The data was from the 2018 fiscal year.

Elmira, which has long been maligned for its financial status, is among those in the worst shape with a score of 68.3. Municipalities with a score over 60 are considered to be under significant stress.

Canisteo, with a score of 47.5, and Broome County, with a score of 51, are listed as susceptible to stress. For Broome Executive Jason Garnar, that’s an improvement. Just a couple of years ago, the county was listed under significant stress with a score of 67.1. That was due, in part, to a low reserve or rainy-day fund.

“We’re taken off the significant stress list. That was our goal” Garnar said. “I expect by the end of next year, we’ll be completely off the susceptible list.”

In 2017, Broome had about $250,000 in its reserves. Garnar said it’s now about $6.5 million

Meanwhile, representatives in Canisteo, which also isn’t new to the fiscal stress list, said the village taking steps to rectify the situation.

Mayor Monica Recktenwald said her village has worked wit the comptroller’s office to address issues with its budget and finances. “With the training and tools provided, we are confident that the early warning of susceptibility to fiscal stress will be removed,” she said in a statement.

Representatives in Elmira have not returned a request for comment.*

*This story has been edited to reflect an updated statement from Canisteo Mayor Monica Recktenwald.