Tuesday, October 03, 2017
Monticello, NY – Sullivan County Manager Josh Potosek is pleased to announce that the County’s finances continue to be well-managed, according to the latest report from the NYS Comptroller’s Office.
The Office recently released its 2016 Fiscal Stress rankings for municipalities and school districts statewide, based on the annual financial reports submitted to the Office. Sullivan County again scored well, earning the best rank of “No Designation” (meaning there are no indications of the County being susceptible to fiscal stress at this time).
Entities receive a fiscal score and an environmental score. Based on the fiscal score, the system assigns an entity to one of three categories of stress or to the “No Designation” category if its score doesn’t meet the threshold of stress. The three categories of stress are “Significant Fiscal Stress,” “Moderate Fiscal Stress” and “Susceptible to Fiscal Stress.”
“This is the second year in a row Sullivan County has been given this designation,” Potosek pointed out. “And this latest report shows we’re increasing County government’s fiscal stability.”
In 2014, Sullivan was listed as being “Susceptible to Fiscal Stress” due to a combination of short-term debt and expenses. The County’s overall score was 12 according to the Comptroller’s ranking system (the higher the score, the worse the potential fiscal stress). In 2015, that score dropped to 10. In 2016, that score fell to 7.
“Our score is much better than last year, in part because we didn’t take on any short-term debt. In fact, this past year I didn’t even issue a Tax Anticipation Note,” remarked County Treasurer Nancy Buck, who works closely with Potosek and Management & Budget Commissioner Janet Young to monitor revenues and expenditures. “Agencies look at this when we’re doing bonding, and they see we are maintaining good financial policies.”
“Our sound fiscal practices, our ample fund balance (surplus monies set aside for various uses), our lack of short-term debt (which often comes with higher interest rates) and the County economy’s increasing health have put us in one of the most secure financial positions we’ve seen in years,” Potosek added.
“I give much credit and praise to Josh and our County personnel, especially the Division of Management & Budget,” said District 1 Legislator and Management & Budget Committee Chair Scott Samuelson. “They are ever keeping the taxpayer in mind by safeguarding and constantly monitoring the use of public funds. Indeed, this is the responsibility of every County employee and elected official.”
“This latest report from the NYS Comptroller’s Office demonstrates the Legislature’s, County Manager’s and County Treasurer’s unwavering commitment to properly accounting for and using tax dollars, whether they come from the state, the federal government or our local residents and property owners,” added Legislature Chair Luis Alvarez. “And we intend to keep it that way.”
To access the Comptroller’s reports for the County and other municipalities and school districts, visit www.osc.state.ny.us/localgov/fiscalmonitoring/index.htm