Long Beach Under Significant Fiscal Stress: Comptroller

LONG BEACH, NY — The City of Long Beach, as well as the villages of Island Park and Valley Stream, were deemed to be under "significant fiscal stress" in a report released by New York State Comptroller Thomas DiNapoli this week.

The report, which has been a regular feature of the comptroller's office since 2012, assesses levels of fiscal stress in local governments using financial indicators including year-end fund balance, cash position, short-term cash-flow borrowing and patterns of operating deficits. There were 11 municipalities that made the list this time, with all three on Long Island in the worst category.

“These local communities were already struggling with fiscal stress before the pandemic hit,” DiNapoli said. “Some of that pressure could be alleviated with federal stimulus funds and the restoration of state aid, but the full extent of the pandemic’s impact on local communities is unclear and the fiscal landscape continues to change. Local officials should remain vigilant in monitoring their financial condition.”

The report evaluated governments which had fiscal years ending between Feb. 28 and July 31, 2020 — that includes 523 villages and 17 cities.

Long Beach has been facing financial problems for years, and has been on the comptroller's list many times.

The other municipalities under Significant Fiscal Stress are the cities of Amsterdam and Yonkers, and the Village of Wappingers Falls.