FOR IMMEDIATE RELEASE
September 24, 2021
City of Kingston’s 2020 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 2020. On a scale of 0 to 100, the City received a score of 1.7%. 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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2020
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1.7%
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No Designation
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New York State Comptroller Thomas DiNapoli’s Fiscal Stress Monitoring System was implemented in 2013 to keep the public informed about the factors impacting local governments’ financial health. The system evaluates local governments on financial indicators including year-end fund balance, cash-on-hand, short-term borrowing, fixed costs and patterns of operating deficits and creates fiscal stress scores.
The system also evaluates information such as population trends, poverty and unemployment in order to establish a separate “environmental” score for each municipality which can be used to help describe the context in which these local governments operate.
“Our 2020 Fiscal Stress Score clearly demonstrates how we, as a City, were able to weather the pandemic last year, and come out with strong financial standing,” said Mayor Noble. “I want to thank our Comptroller John Tuey and the Common Council for their oversight of our municipal finances. I am proud to say that by utilizing sound budgeting techniques, coordinated planning, and our departments’ ability to stay within their budgets, we have been able to consistently improve our financial footing during my time leading the City of Kingston.”
City of Kingston Comptroller John Tuey said, “Kingston’s fiscal stress score of 1.7% is on a scale of 0% to 100%, with a lower score indicative of a stronger financial ranking. I’m pleased to see us continuing to track in the right direction on the NYS Comptroller’s scoring model, which takes into account key financial indicators that drive fiscal health. The entire City of Kingston team, including our elected officials, department heads, and staff, have been willing and able partners in achieving this outcome.”
For more information on the 2020 Fiscal Stress Score results, see the full report here: https://www.osc.state.ny.us/files/local-government/publications/pdf/fsms-municipalities-fiscal-year-2020-results.pdf