Report: Spa City improves fiscal stress outlook

PHOTOGRAPHER: Stephen Williams

The city of Saratoga Springs has no obvious indicators of fiscal stress, according to a recent report from state Comptroller Thomas P. DiNapoli.

The fiscal stress rating of 0 for the city came from DiNapoli’s most recent examination of the financial health of local governments in 2015.

DiNapoli also released a report on three-year fiscal stress trends that found 65 municipalities were distressed in at least one of those years, with 28 listed as stressed for two of those years and 19 listed as under stress in all three. The town of Colonie is the only Capital Region community to be on the list all three years, when it was determined bo be under “moderate” stress, according to the report.

There were 21 communities added to the latest stress list, while 31 were removed from the list.

“The challenges facing local governments across the state are real,” DiNapoli said in a prepared statement. “Local governments should be carefully examining their scores and using this system to determine how they can budget prudently and develop realistic long-term financial plans.”

Saratoga Springs has never been listed as stressed, but it has seen its rating for possible fiscal stress drop from 12.5 in 2013 to 6.3 in 2014 — and now to 0 in 2015.

It was the only city in the state to achieve a zero rating.

“Since the beginning of my tenure in 2012, the city has achieved and retained a high bond rating of AA+, had a stable tax rate and realized improved fiscal stress monitoring reports, culminating in a perfect score this fall,” said city Finance Commissioner Michele Madigan.

The comptroller’s analysis doesn’t comprise the current city budget. The proposed 2017 spending plan would have total spending of $45.5 million, with property taxes remaining steady. That budget is undergoing a series of City Council workshops prior to a vote.

“The fiscal health of the city is key, and the fiscal stress monitoring system is another indicator of the fine financial condition my administration has restored and maintained for the city,” Madigan said.