Chenango scores near the top in fiscal stress report
CHENANGO – Chenango County ranks among some of the least fiscally stressed municipalities in New York, according to a report released by the Office of the State Comptroller.
On a list of 57 counties outside New York City, Chenango places fourth in terms of fiscal stress, earning a score of 6.7 percent for the 2014 fiscal year. That’s up only slightly from 3.3 percent score in 2013.
The fiscal stress monitoring system, created and overseen by the New York State Comptroller’s Office, is a statewide initiative to keep municipalities out of the red. The higher the score on a fiscal stress report, the more susceptible a municipality is to potentially devastating financial burdens. Stress scores are based on financial and environmental factors such as a municipality’s total fund balance, operating deficit, debt, population, and poverty and unemployment rates.
Chenango’s placement is a stark contrast to 44 other municipalities across the state (12 counties, 11 cities and 21 townships) that were labeled with some degree of fiscal stress.
Even so, the county still faces a number of financial challenges that will affect on the upcoming 2016 budget, explained Deputy County Treasurer Ardean Young.
“We’re faced with same issues as everybody else,” said Young, citing an unwavering number of state mandates adhered to by every county, as well as an obligation to abide by the state imposed 2 percent tax cap. “We’re not doing bad in relation to other counties, but we would like to see some change in state mandates.”
Despite an overall good fiscal score, Chenango County was dinged in the report for running a slight operating deficit for the second consecutive year. It’s looking at yet another operating deficit for next year.
Deficits are caused by the use of surplus for capital projects, namely construction of the fourth cell at the county landfill; and by funding various county programs, including Mental Health Medicaid.
In recent years, county officials have approved use of an average $4 million of surplus annually. In 2015, $2.67 million of surplus was used to reduce the 2015 tax levy, and another $1.2 million to help fund construction of a fourth cell at the landfill.
“It was an anticipated overrun, but at the same time we're trying to reduce the surplus we use,” said Young.
The county is currently looking at a $1.5 million carryover from surplus to be applied to help fund the 2016 budget. Young said one of the county’s key financial precepts has been to reduce application of the general fund surplus applied to the following year’s budget while maintaining a minimum of $15 million in general fund surplus.
Nevertheless, expenses keep going up while revenues go down, and that’s slowly eroding the county’s general fund surplus. Nearly $6 million has been drawn from surplus since 2011. After the 2016 budget, Young anticipates less than $14 million will remain.
“We’re still in fairly good shape,” he said. “We continue to remain debt free and monitor expenses to the best of our abilities, but we are working on a longterm plan to use less surpluss.”
Not faring so well on the Comptroller’s recent fiscal stress report was neighboring Broome County. Broome ranked 55th out of 57 counties with a score of 57.5 percent, labeling it with “significant fiscal stress.”
On a list of 57 counties outside New York City, Chenango places fourth in terms of fiscal stress, earning a score of 6.7 percent for the 2014 fiscal year. That’s up only slightly from 3.3 percent score in 2013.
The fiscal stress monitoring system, created and overseen by the New York State Comptroller’s Office, is a statewide initiative to keep municipalities out of the red. The higher the score on a fiscal stress report, the more susceptible a municipality is to potentially devastating financial burdens. Stress scores are based on financial and environmental factors such as a municipality’s total fund balance, operating deficit, debt, population, and poverty and unemployment rates.
Chenango’s placement is a stark contrast to 44 other municipalities across the state (12 counties, 11 cities and 21 townships) that were labeled with some degree of fiscal stress.
Even so, the county still faces a number of financial challenges that will affect on the upcoming 2016 budget, explained Deputy County Treasurer Ardean Young.
“We’re faced with same issues as everybody else,” said Young, citing an unwavering number of state mandates adhered to by every county, as well as an obligation to abide by the state imposed 2 percent tax cap. “We’re not doing bad in relation to other counties, but we would like to see some change in state mandates.”
Despite an overall good fiscal score, Chenango County was dinged in the report for running a slight operating deficit for the second consecutive year. It’s looking at yet another operating deficit for next year.
Deficits are caused by the use of surplus for capital projects, namely construction of the fourth cell at the county landfill; and by funding various county programs, including Mental Health Medicaid.
In recent years, county officials have approved use of an average $4 million of surplus annually. In 2015, $2.67 million of surplus was used to reduce the 2015 tax levy, and another $1.2 million to help fund construction of a fourth cell at the landfill.
“It was an anticipated overrun, but at the same time we're trying to reduce the surplus we use,” said Young.
The county is currently looking at a $1.5 million carryover from surplus to be applied to help fund the 2016 budget. Young said one of the county’s key financial precepts has been to reduce application of the general fund surplus applied to the following year’s budget while maintaining a minimum of $15 million in general fund surplus.
Nevertheless, expenses keep going up while revenues go down, and that’s slowly eroding the county’s general fund surplus. Nearly $6 million has been drawn from surplus since 2011. After the 2016 budget, Young anticipates less than $14 million will remain.
“We’re still in fairly good shape,” he said. “We continue to remain debt free and monitor expenses to the best of our abilities, but we are working on a longterm plan to use less surpluss.”
Not faring so well on the Comptroller’s recent fiscal stress report was neighboring Broome County. Broome ranked 55th out of 57 counties with a score of 57.5 percent, labeling it with “significant fiscal stress.”
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