Comptroller: Greece shows no signs of fiscal stress
Supervisor Bill Reilich has learned from the New York State Comptroller that the town of Greece scored a zero on the Fiscal Stress Monitoring System.
This score lists Greece as "no designation,” the best designation a town can receive.
The Office of the State Comptroller uses FSMS to examine the annual financial information reported by municipalities. The system is in place to give an early warning of fiscal stress to local governments and school districts by examining their financial information and all aspects of their external environment.
Towns annually submit their budgetary paperwork for analysis. The determination is made by evaluating budgetary solvency and the ability of a locality to generate enough revenue to meet expenses, and is the result of measuring year-end fund balances, operating deficits/surpluses, cash position, use of short-term debt for cash flow and fixed costs.
“Our score on the Fiscal Stress Monitoring System indicated absolutely no indication of fiscal stress, and affirms our budgeting processes and the ability to manage our expenses,” Reilich said. “This scoring is proof that our careful budgeting — while still increasing amenities to residents — has helped us achieve fiscal stability.”