It’s nice to report some good news such as the announcement Monday that the city of Glens Falls is facing no fiscal stress, according to the New York State comptroller’s designation. The city was able to get out from subsidizing the arena to the tune of $250,000 annually and are receiving $50,000 from a nonprofit group that is running the civic center – now renamed Cool Insuring Arena. This change and some belt-tightening and sharing of services including consolidating dispatch facilities with Warren County, helped brighten the fiscal picture. In case you missed it, the story, click HERE.
Comptroller Thomas DiNapoli then sat for a lengthy interview with The Post-Star editorial board. While the finances of Glens Falls and other cities are in good shape now, there are potential threats on the horizon. The impact of federal tax reform, particularly the ability to deduct state and local taxes, could hit taxpayers hard. That could put pressure on state and local officials to cut spending to reduce taxes. If the federal deficit balloons, then numerous programs could be on the chopping block.
Municipalities and school districts continue to face rising health insurance costs. They are on the hook for retiree health care costs as well. People are living longer in retirement and that is going to put more pressure on federal, state and local budgets.
There are also various infrastructure projects that need to be addressed – roads, bridges, water and sewer upgrades.
It is definitely not going to be smooth sailing in the coming years.