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The original item was published from 7/5/2021 7:22:34 AM to 7/5/2021 7:23:39 AM.

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Finance

Posted on: September 23, 2021

[ARCHIVED] City of Poughkeepsie Receives Annual Fiscal Grades from Office of State Comptroller

The City of Poughkeepsie announced today that it has received its annual fiscal stress grades from the Office of the State Comptroller. For the year ending December 31, 2019, the City received a rating of “significant fiscal stress” and a rating of “moderate environmental stress.”

The environmental stress rating reflects the City’s ability to manage financial stress given external factors at the time of measurement. The fiscal stress rating looks chiefly at core financial conditions, such as cash reserves and fund balance.

City of Poughkeepsie Mayor Rob Rolison said, “The improvement from significant to moderate environmental stress was as of a point in time before the COVID-19 pandemic hit and so these results were in-line with our expectations. Today, however, we were notified of a 20 percent cut to our AIM (State Aid to Municipalities) payment we typically receive in October, and that is extremely bad news. We remain uncertain about the status of our December AIM payment which is budgeted at $4,520,000. The State’s fiscal condition, which impacts local governments, shows the absolute necessity of Federal aid to State and local governments.”

Fiscal Stress      

FYE    Score    Designation

2017    75.0    Significant Fiscal Stress    

2018    71.7    Significant Fiscal Stress    

2019    75.0    Significant Fiscal Stress

Environmental Stress

FYE    Score    Designation

2017  63.3    Significant Environmental Stress

2018  60.0    Significant Environmental Stress

2019  43.3    Moderate Environmental Stress