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For the first time since state Comptroller Thomas DiNapoli launched the statewide fiscal stress system, Rockland County saw a 20-point improvement, removing the designation of New York State's most fiscally-stressed local government, due to the rebuilding of the county's fund balance and low debt service percentage, among many other factors.
In 2014, Rockland County scored a 65.8 percent on the Comptroller's scale. The score is a marked improvement from the 2012 and 2013 scores of 86.7 percent.
DiNapoli developed the monitoring system in 2013 to serve as an "early warning" of fiscal stress to local governments based on financial information and aspects of the external environment. A score of 65 percent to 100 percent indicates a significant degree of fiscal stress. A score of less than 65 percent indicates only moderate fiscal stress, of which Rockland County is less than one percentage point from being upgraded.
"The huge reduction in our score is the result of our continued commitment to fiscal responsibility, accountability and economic improvement," said County Executive Ed Day. "We continue to reduce costs through consolidation and efficiency and rebuild our fund balance, while continuing to provide the critical services local residents rely on.
The Fiscal Stress Monitoring System looks at two main components: financial indicators, and environmental indicators.
Financial indicators evaluate budgetary solvency, the ability of a locality to generate adequate revenue to meet expenses by measuring year-end fund balances, operating deficits/surpluses, cash position and use of short-term debt for cash flow.
Environmental indicators capture trends that influence revenue-raising capability and demands for services. Those indicators include population, age, property values, employment, dependence on revenue from other government units, constitutional tax limits and sales tax revenue.
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