FOR IMMEDIATE RELEASE
September 23, 2020
City of Kingston’s 2019 Fiscal Stress Score Released
KINGSTON, NY – Mayor Steven T. Noble and Comptroller John Tuey are pleased to announce that the Office of the New York State Comptroller has released the City of Kingston’s fiscal stress score for 2019. On a scale of 0 to 100, the City received a score of 5%. A lower number indicates a lower fiscal stress score.
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FYE
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Score
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Designation
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2017
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6.7%
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No Designation
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2018
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6.7%
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No Designation
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|
2019
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5.0%
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No Designation
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As the Comptroller’s analysis states, the assessment is an objective review of the fiscal challenges facing individual local governments, and identifies situations where corrective action may be needed. The 2019 scores are based on end-of-year results—before the start of the pandemic, and provide a baseline measurement of a local governments’ ability to respond to the current crisis. The recent financial uncertainty and resulting challenges will be reflected in reports in 2021 and beyond.
“The City’s fiscal stress score of 5% is on a scale of 0% to 100%, with a lower score being more favorable,” said City of Kingston Comptroller John Tuey. “With a score of 5%, the City received a rating of ‘no designation,’ and was not deemed to be in fiscal stress at the close of 2019. The NYS Comptroller’s fiscal scoring system takes into account key financial indicators that drive fiscal health including fund balance levels, liquidity, short-term debt, operating surpluses/deficits, and fixed costs. The City of Kingston’s score in 2016 was 19.2% and we’ve worked diligently over the last four years to improve our overall fiscal health.”
“We are extremely pleased to receive such a low fiscal stress score from the State Comptroller’s Office,” said Mayor Noble. “Our excellent fiscal condition in 2019 has helped us weather the pandemic with all of its economic challenges. Had we not been in such strong financial standing, we would have had to brace for a much more difficult recovery. While we still have a long road ahead, I have no doubt that the City of Kingston will be able to make a full economic recovery.”
The NYS Comptroller’s Office evaluates budgetary solvency based on key financial indicators:
• Year-end fund balances
• Operating deficits/surpluses
• Cash position
• Use of short-term debt for cash flow
• Fixed costs
More information about the fiscal monitoring system can be found at: https://www.osc.state.ny.us/local-government/fiscal-monitoring