Comptroller Introduces Financial Warning System
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State Comptroller Tom Dinapoli is proposing an early warning system to identify municipalities and school districts showing signs of budgetary strain, so corrective actions can be taken before crisis strikes.
Dinapoli says the system would include indicators like cash on hand and patterns of operating deficits. Rochester Mayor Tom Richards says any attention given to that kind of situation is good.
"I hope though that we don't just get involved in solving the problem, the problem has been described for a long time," said Mayor Tom Richards. "We've got to start talking about how we're going to solve it so, one of the things the people in Albany I'm sure are aware, but I'm going to focus on is okay fine, what are we going to do to solve this problem. I'm doing a lot in the city you know and some of this we're going to have to solve ourselves."
The system was announced in conjunction with a report that found many of New York's cities are struggling to balance budgets and revitalize local economies.