Panzenbeck Administration Erases Multi-Million Dollar Deficit, Posts Three Surpluses, Hits 20-Yr Credit High

Glen Cove, NY – The City of Glen Cove is proud to announce an extraordinary financial turnaround under the leadership of Mayor Pamela Panzenbeck. Over the last three fiscal years, the city has achieved three consecutive operating surpluses totaling more than $3.6 million, erased a multi-million dollar deficit, earned its highest credit rating in over 20 years, and secured a “No Fiscal Stress” designation from the New York State Comptroller’s Office, the first time since 2017.

From Deficit to Surplus

In 2021, Glen Cove’s general fund carried a deficit of more than $3.3 million, and the city was on the State Comptroller’s fiscal stress list for eight of the past ten years. Today, that deficit is gone — replaced by a positive fund balance just under $100,000 at the close of the 2024 fiscal year.

Three Years of Surpluses

• 2022: $1,489,546 operating surplus; deficit reduced to $1.9 million

• 2023: $1,515,484 operating surplus; deficit reduced to $362,168

• 2024: $636,499 operating surplus; deficit eliminated — surplus of $87,556

Credit Rating Milestones

Moody’s Investors Service has steadily upgraded Glen Cove’s credit outlook and rating each year:

• 2022: Outlook upgraded to Stable from Negative

• 2023: Outlook upgraded to Positive

• 2024: Credit rating upgraded to Baa1 from Baa2 — the highest in over 20 years

• 2025: Credit rating maintained at Baa1

Fiscal Stress Improvements

• Fiscal Year 2022: Fiscal stress score improved to 47.1 from 50.4 (Susceptible to Fiscal Stress)

• Fiscal Year 2023: Fiscal stress score improved to 43.8, achieving “No Fiscal Stress” for the first time since 2017

• Fiscal Year 2024: Score expected to improve again to 37.5, marking the first time in history Glen Cove has achieved two consecutive years in the “No Fiscal Stress” category

“This is the strongest financial position Glen Cove has seen in decades,” said Mayor Pamela Panzenbeck. “We took a $3.3 million deficit and, through disciplined budgeting, elimination of wasteful spending, and smart revenue growth, turned it into a surplus — all while keeping tax increases below inflation. The results speak for themselves.”

Low Taxes, Strong Services

Since 2023, Mayor Pam Panzenbeck has delivered two consecutive 0% tax increase budgets, followed in 2025 by just a 1.98% increase. That works out to an average annual increase of 0.66% under her leadership — far below the 5.1% average cost-of-living increase during the same period.

Looking Ahead

The city’s financial recovery was supported by the efforts of Glen Cove Comptroller Michael Piccirillo, who, in collaboration with department heads, helped implement financial planning and oversight measures that contributed to stabilizing the city’s fiscal outlook. “This administration made the tough decisions, but it was a unified effort grounded in sound financial management,” said Comptroller Piccirillo. “We implemented long-term strategies and rebuilt trust in the city’s finances. Today’s surplus is the result of years of disciplined work and a shared commitment to Glen Cove’s future.”

With financial stability restored, Glen Cove will continue to focus on responsible fiscal management, maintaining strong reserves, and investing in infrastructure and services for residents.

Media Contact:

Roni Jenkins

Public Relations Officer

City of Glen Cove

Roni.Jenkins@glencoveny.gov

516-320-7865