By Matthew Saari & Krystle S. Morey
A state report rates Granville the third-most fiscally stressed village in New York.
The municipality earned a “moderate fiscal stress” rating with a score of 59.6 percent in the study completed recently by state Comptroller Thomas DiNapoli’s office.
“We assumed that was going to be,” said Mayor Brian LaRose.
The report, based on the fiscal year ending in 2017, pinpointed Granville as one of the most fiscally stressed villages in the state, just behind Long Island villages of Island Park (78.3 percent) and Valley Stream (63.3 percent).
Each village’s score was derived from numerous indicators both within and without the municipality’s control. These indicators range from budgeted items such as deficit, fund balance and environmental factors such as population decrease, property values and local unemployment rates. Each municipality accrues points based on the trends of each indicator.
Granville’s fiscal stress score increased 3.3 percent since similar data, using 2016 figures, was released in March 2017. The growth is not as much as the state projected – 16.9 percent and “significant fiscal stress.”
The village of Whitehall is in nearly perfect fiscal health.
The state Comptroller’s Office’s annual fiscal stress reports, examining the fiscal health of village and cities throughout the state, notes that not only did Whitehall score well, it improved significantly over previous years.
To ascertain how municipalities are trending fiscally, the state examines six distinct categories, with each category assigned a point value. The higher the points assessed, the more fiscally stressed a community is deemed.
Scores ranging from zero to 44.9 are considered no designation; scores ranging from 45-54.9 are susceptible to environmental stress; scores from 55-64.9 have moderate environmental stress; and scores from 65-100 have significant stress.
Whitehall finished at 3.3 points, down from last year’s score of 15.8.
“There are a couple things [driving the improvement,]” Mayor Phil Smith said.
First and foremost the state examines the village’s year-end fund balance which “indicates entity’s ability to cover revenue shortfalls and expenditure overruns.”
This is only a preview of the story published in the Whitehall Times. To read the full story, pick up a print copy of this week’s paper at the newsstand or read it online here.
This is only a preview of the story published in the Granville Sentinel. To read the full story, pick up a print copy of this week’s paper at the newsstand or read it online here.