The town of Sherman has been identified as being “susceptible to fiscal stress” by State Comptroller Tom DiNapoli‘s Fiscal Stress Monitoring System.
The Comptroller said 30 local governments in New York State ended 2020 in some form of fiscal stress.
DiNapoli releases fiscal stress scores on municipalities twice a year. The Fiscal Stress Monitoring System was implemented in 2013 to keep the public informed about the factors impacting local governments’ financial health.
The system evaluates local governments on financial indicators including year-end fund balance, cash-on-hand, short-term borrowing, fixed costs and patterns of operating deficits and creates fiscal stress scores.
The system also evaluates information such as population trends, poverty and unemployment in order to establish a separate “environmental” score for each municipality which can be used to help describe the context in which these local governments operate.