POTSDAM – The Village of Potsdam has become “susceptible to fiscal stress” according to state Comptroller Thomas P. DiNapoli’s latest assessment of finances in villages and cities statewide. …
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POTSDAM – The Village of Potsdam has become “susceptible to fiscal stress” according to state Comptroller Thomas P. DiNapoli’s latest assessment of finances in villages and cities statewide.
The village’s “fiscal score,” based on factors in the village report for fiscal year 2014, was 51.3 percent, high enough to exceed the 45 percent threshold the comptroller set for the “susceptible to stress” category, but not so high it would be in the “moderate stress” category (55 percent) or the “significant stress” category (65 percent).
Last year the village had a score of 38.3 percent.
Using indicators that include year-end fund balance, cash position and patterns of operating deficits, the “stress monitoring system” creates a score that classifies districts in one of the three stress categories, or “no designation.”
The comptroller’s monitoring system is designed to be an early warning of money problems in a district.
No other St. Lawrence County municipalities was listed as stressed in the report issued Thursday.