Along with technological advances comes the responsibility to protect confidential information adequately so that it cannot be accessed by unauthorized individuals. Failure to do so can come at a considerable financial cost.
As local governments address fiscal challenges posed by stagnant or declining State and local revenues, increased demand for social services and growing fixed costs, local government officials should be mindful of the impact that budget decisions can have on the cost of borrowing. These costs can increase significantly if prudent budget decisions are not made within the context of multiyear capital planning.
Local Finance Law requires the State Comptroller to report on private bond sales conducted by local government entities from the effective date of the Act through June 30, 2011. Because these private sales may be economically beneficial to local governments, OSC recommends that the expiration provision on the statutory private sale cap of $5 million be repealed.
In 2010, the 114 active IDAs located throughout the State supported 4,444 projects and provided total tax exemptions of nearly $1.3 billion.
Local governments are more often receiving significant premiums upon the issuance of Tax Anticipation Notes (TANs) and Revenue Anticipation Notes (RANs) and accounting treatment has not always been consistent. This bulletin clarifies the prescribed accounting treatment of TAN and RAN premiums and the restrictions on the use of these premiums.
This bulletin provides information on the reporting requirements of deferred inflows of resources and deferred outflows of resources as required by Governmental Accounting Standards Board (GASB) Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position (Statement 63), and GASB Statement No. 65, Items Previously Reported as Assets and Liabilities (Statement 65).
The State has approximately 639 local authorities operating outside of New York City. These authorities generally operate without many of the constraints and controls over day-to-day operations required of municipal governments. OSC audits have helped to shine a light on questionable practices from board member compensation to the selection and results of economic development projects.
By several measures, Yonkers is better off than many other cities in the State. Despite these advantages, the City has been challenged by significant structural budget gaps and, by the end of its 2011 fiscal year, the City had essentially depleted its general fund reserves.
The full value of property in White Plains dropped by 29 percent between 2008 and 2013, after more than doubling from 2002 to 2008. While cities statewide show slight recovery, White Plains may find dealing with the loss of so much property value a challenge in the future.
The City has paid down a significant amount of debt. This, along with the City’s substantial fund balance and a large tax margin, leave Watertown well positioned to cope with current and future fiscal challenges.
