LONG BEACH, NY – The city of Lengthy Seaside, together with the villages of Island Park and Valley Stream, has been discovered to be beneath “important tax stress” in a report launched this week by the New State Comptroller. York, Thomas DiNapoli.
The report, which has been a daily function of the Comptroller’s Workplace since 2012, assesses fiscal stress ranges in native governments utilizing monetary indicators, together with the steadiness of funds on the finish of the 12 months, the place of money circulation, short-term money borrowings and working deficit traits. There have been 11 municipalities that made the record this time, with Lengthy Island’s three being within the worst class.
“These native communities had been already grappling with funds pressures earlier than the pandemic hit,” DiNapoli mentioned. “A few of this stress may very well be alleviated with federal stimulus funds and the reinstatement of state assist, however the extent of the pandemic’s impression on native communities is unclear and the panorama funds continues to evolve. Native authorities should stay vigilant in monitoring their monetary scenario. . “
The report assessed governments whose fiscal years ended between February 28 and July 31, 2020 – which incorporates 523 villages and 17 cities.
Lengthy Seaside has been struggling financially for years and has been on the Monitor’s Record a number of occasions.
Different municipalities beneath important budgetary stress are the cities of Amsterdam and Yonkers, in addition to the village of Wappingers Falls.