Long Beach Launches Website For Residents To Track Financials

LONG BEACH, NY — The City of Long Beach has launched ‘DebtDash,’ a new web portal that provides residents with information and real-time perspectives of the city’s financial health.

The project was developed by City Manager Donna Gayden, who was tasked by the City Council with evaluating and addressing the city’s fiscal health when she was first appointed to the position last February.

“More than one year ago I was hired to lead the City on a path to fiscal stability,” said Gayden. “Over many years, Long Beach consistently spent more than its total annual revenue, using rainy day funds and borrowing to make up for the shortfalls. These operational deficits have severely impacted the city’s independent financial rating, which now is ‘negative,’ and this further drives up our borrowing costs. Furthermore, our long-term debt total is staggering, which has exacerbated budget difficulties and made it extremely difficult to find our way out of these deep waters.”

The portal, which can be reached by clicking here, was developed with the assistance of CMA, the city’s strategic financial advisor. It includes fiscal health indicators, financial planning information, audits, budgets and status reports, among other information. It is expected to be especially useful to independent ratings agencies, who classify the city’s credit status, as the city works to improve its rating and lower future borrowing costs.

“Getting the city back on a sound financial pathway will allow us to make the investments our community needs and deserves... because Long Beach is ready for a new way and a new day,” Gayden said.