Monticello, NY – The NYS Comptroller’s Office has designated Sullivan County free of fiscal stress, with the County’s finances continuing to be in the best shape since reporting began.
‘No Designation’ Is the Best Designation
The Comptroller’s Office just released its 2022 Fiscal Stress rankings for municipalities Statewide, based on the annual financial reports submitted to the Office. Sullivan County scored better than ever, once again earning the best rank of “No Designation” (meaning there are no indications of the County being susceptible to fiscal stress at this time).
Municipalities receive a fiscal score and an environmental score. Based on the fiscal score, the system assigns a municipality 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 latest report reaffirms that we continue to maintain County government’s fiscal stability,” Sullivan County Manager Josh Potosek said. “And for the third year in a row, we also received ‘No Designation’ for environmental stress, meaning prospects are excellent for the County continuing that stability.”
Another Significant Improvement in Rank
In 2019, Sullivan earned a Fiscal Stress score of 42.1 points. That improved to 35.8 in 2020 (a lower score indicating better finances), then to 13.3 in 2021 and now dropping to a best-ever 3.3 points.
Meanwhile, the Environmental Stress score dropped from 30 in 2019 to 23.3 points in 2020, then 20 for 2021, and now stands at its own best-ever of 13.3 points. Unlike Fiscal Stress, the data used to create the Environmental Stress score – population changes, poverty levels, tax base, unemployment rates, state/federal aid and other items – represents issues that are not fully within the County’s control.
Legislators Weigh In
“I’ve been a member of several Legislatures that have aimed to keep taxpayers first, recognizing that whether it’s grants, sales and room taxes, or fees, it’s all coming out of their pockets,” said District 7 Legislator Joe Perrello. “So I’ll continue keeping a close eye on how we’re spending their money.”
“Economic development decisions by past Legislatures have made significant differences in our room and sales tax revenues, which are largely responsible for this good news about our fiscal picture,” explained District 8 Legislator Ira Steingart. “Our good planning laid the foundation on which the current Legislature sits, and I’m proud to have been a part of that years-long effort.”
“Our current State ranking is a reflection of the sound fiscal positions this Legislature has taken over the past three years,” remarked District 9 Legislator Alan Sorensen. “I am beyond pleased to be ending my tenure as a legislator on this extraordinarily positive note.”
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.