Albany County Executive Daniel P. McCoy today announced that Albany County’s sound fiscal practices, and cost-saving measures have led to an improvement in the county’s Fiscal Stress Rating as determined by the office of State Comptroller Tom DiNapoli. The Fiscal Stress Monitoring Report, issued today by the comptroller, provides a fiscal stress score for New York municipalities based on financial information and environmental data.
In the report, the county’s rating comes in at 51 percent which is an improvement from the 54.6 percent rating issued in 2014 and 57.9 percent in 2013. The county is one of 18 localities listed in a lower stress category. Six counties were among those that received the highest designation of “significant fiscal stress” in the report. Albany County is one of the 18 municipalities listed in the “susceptible to fiscal stress,” a designation that shows the county’s fiscal management in markedly better than those in the “significant fiscal stress” category.
“This latest report shows that our work to improve county finances is taking hold,” said Albany County Executive Daniel P. McCoy. “This year we are building on that success. We have been able to forgo short term borrowing and for the first time in six years we haven’t had to request a Tax Anticipation Note to pay our bills.”
The county has dramatically improved its financial position over the last three years. The budget for 2015 was enacted with a zero tax increase. The 2016 Executive Budget proposal also includes no tax increase and includes additional funding for the Albany County Land Bank and seniors programs in the county.
“We will continue to make tough fiscal decisions, budget conservatively, maintain and improve the services residents have come to expect. We’ve been proactive in addressing fiscal issues and worked to develop multi-year financial planning,” said McCoy. The decrease in our fiscal stress score is a tangible measure of our success.”