Rye: One Of The Financially Healthiest Cities In Westchester County

Rye is one of two cities, in Westchester County that has continued to maintain financially healthy due to tax bases, low poverty, and conservative budgeting, according to reports issued by State Comptroller Thomas P. DiNapoli.

"The City of Rye is on solid financial ground and not facing the demographic and fiscal stress challenges that are afflicting other cities in New York, “ said Thomas DiNapoli, NYS Comptroller.

“Rye is a small city, but the recession hit us equally hard five years ago when our financial trend lines were going in the wrong direction – rising unemployment, declining fund balance, rising pension and health care costs, and declining infrastructure funds,” said Rye Mayor Douglas French. “Despite the challenges posed by the property tax cap, the city's focus on sound fiscal decision-making and tough budget choices has put Rye in excellent position as the economy rebounds.” 

In Rye, revenues increased 5.7 percent while expenditures grew by 5.9 percent.

Revenue growth allowed Rye to build up its rainy day reserves. In 2012, Rye had $6.8 million in available fund balance, equal to 23 percent of its general fund expenditures, according to DiNapoli’s reports.

 DiNapoli’s fiscal profiles of Rye shows that Rye has generated 26 percent of its revenue through service fees in 2011, higher than the statewide average of 21 percent.

Rye’s population has increased 5 percent from 2000 to 2010.

Rye’s median home value is more than $1 million, which is ranked highest in New York State. The median household income of $142,469 is substantially higher than the median of $38,699 for cities statewide. And the child poverty rate was a mere 1 percent, compared to 28 percent for the median city, according to DiNapoli’s reports.

For a copy of the Rye fiscal profile visit: http://www.osc.state.ny.us/localgov/pubs/fiscalprofiles/rye.pdf