Comptroller: Glen Cove is 'Susceptible to Financial Stress'

The City of Glen Cove has moved from “Significant Fiscal Stress” to “Susceptible to Financial Stress,” according to a newly released Fiscal Stress Report from the New York State Comptroller’s office.

“Susceptible to Financial Stress” is the lowest of the three levels of stress.

“I am very pleased with the substantial drop in our fiscal stress score as this is a direct result of our efforts to better manage our costs and expenses, pay down debt and grow our revenues – all while keeping our taxes stable,” Mayor Reggie Spinello said in a press release.

The Office of the New York State Comptroller, Thomas P. DiNapoli, issued the annual Municipalities in Stress Report that assessed the fiscal year ending in 2015. This report comes after Moody’s recent financial assessment of Glen Cove.

• Read more: Moody’s Upgrades Glen Cove’s Outlook to ‘Positive’

“My department heads and finance team have worked diligently with me in addressing the opportunities and challenges of effectively managing the City’s budget and financial obligations,” Spinello said. “Our collective mission is continue to improve our finances for the benefit of our residents.”

The Fiscal Stress Monitoring System was created to help communities understand their local government’s financial situation. The stress levels on the report are based on weighted scores given to nine different categories of financial information.

The assessments are based on 2015 financial information and takes into account nine fiscal indicators (e.g., year-end balances, fixed costs, use of short-term debt and cash on hand), 14 environmental indicators (e.g., population, property value, unemployment and reliance on state aid) and trends over the past three years.