Major Entities Skip Financial Stress Test
Chautauqua County’s three largest population centers failed to submit information for the state Comptroller’s Office 2024 financial stress test. The cities of Dunkirk and Jamestown, along with the village of Fredonia, all made the list of no-shows.
The village of Bemus Point appeared to be the only other municipality in Chautauqua County to make the lengthy list, released Thursday as part of the Comptroller’s Office annual call-out of financially stressed towns. The list of municipalities across the state that did not participate in the 2024 stress test runs to eight pages and well over 200 entries.
A total of 23 municipalities across New York were designated as fiscally stressed, including the cities of Albany, Poughkeepsie and Elmira. None of the fiscally stressed entities are in Chautauqua County. The test scores announced Thursday were for local governments operating on a calendar year basis for fiscal year 2024.
The fiscal test system was launched by state Comptroller Thomas DiNapoli in 2013 to evaluate local government finances, using indicators based on year-end fund balance, operating deficits, cash-on-hand, short-term borrowing, and fixed costs. The system assigns a score to each participating municipality.
Last year, Dunkirk increased taxes 84% on residents — a sign it was more than stressed; while Fredonia hiked property taxes 54%. Jamestown last year also hike taxes by 3.6% but is challenged by rising expenses.