FOR IMMEDIATE RELEASE

September 27, 2023

NYS Comptroller’s Office Releases City of Kingston’s

2022 Fiscal Stress Score

KINGSTON, NY – Mayor Steven T. Noble is pleased to announce that for the third year in a row, the City of Kingston has received a Fiscal Stress Score of 1.7% from the New York State Comptroller’s Office. For the first time, the City of Kingston’s Environmental Stress Score is 0.0.

A lower number indicates a lower stress score. On a scale of 0 to 100, based on the City’s fiscal year-end results, the City of Kingston received a fiscal stress score of 1.7%.

The Office of the State Comptroller uses the Fiscal Stress Monitoring System to examine the annual financial information reported by each municipality. This analysis provides an objective assessment of the fiscal challenges facing individual local governments and school districts, identifying situations where corrective action may be needed.

Fiscal Year                 Score

2017                            6.7%

2018                            6.5%

2019                            5%

2020                            1.7%

2021                            1.7%

2022                            1.7%

“The City of Kingston has demonstrated overwhelming resilience, and, despite the pandemic and rising interest rate, we are on steady financial footing. I am happy that the State Comptroller’s Office has recognized our strong standing, and given us a low score again for 2022. We also have the lowest possible Environmental stress score with a zero” said Mayor Noble. “I thank our Comptroller John Tuey for his hard work and dedication to keeping our municipal finances in good order and I thank the Common Council for their budgetary oversight. We are using best budgeting practices, we are leading the City of Kingston into a strong financial future.”

City of Kingston Comptroller John Tuey said, “I’m pleased that the City was able to maintain its fiscal stress score at 1.7% in a year where inflationary pressures resulted in rising costs across the board.  Our strong financial footing is a major asset heading into a near future in which global and national economic volatility could impact local government budgets.”

“Our fiscal stress early warning system identifies potential financial problems for local governments so they can take corrective action to avoid problems down the road,” DiNapoli said. “The fact that fewer local governments were in fiscal stress in fiscal year 2022 was largely due to the infusion of aid from the American Rescue Plan Act and sales tax revenue growth. Sales tax collections have leveled off in recent months and federal dollars are being spent down, so localities should plan their budgets cautiously and accordingly.”

More information can be found at:  https://www.osc.state.ny.us/press/releases/2023/09/dinapoli-announces-latest-fiscal-stress-scores-analysis-10-years-fiscal-monitoring-system-data