bankruptcy

7:59am

Wed September 11, 2013
Politics and Government

Mayors in 2014 face big fiscal challenges

Whatever is the outcome of Tuesday’s primaries, most mayors who win a new term in cities across the state will face a similar challenge - how to get their municipalities back on secure financial footing.   

The next political leaders of New York City, smaller cities upstate, and even large suburban counties like Nassau County, will all face a big test once they take office; how to solve mounting fiscal difficulties.

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4:24pm

Wed August 21, 2013
Politics and Government

Lawmakers look for ideas to help financially struggling cities

State lawmakers were looking for suggestions to prevent municipal bankruptcies in New York state at a hearing in Syracuse Tuesday on the first stop for the New York State Senate Standing Committee on Local Government.

The situation in Detroit hung over the hearing. Syracuse Mayor Stephanie Miner warned that cities like Syracuse continue to edge towards the brink of insolvency because revenues can't keep up with expenditures. And until the state helps with that, more cities in New York state will continue to spiral towards insolvency.

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1:38pm

Fri July 26, 2013
Politics and Government

Comptroller DiNapoli: We can't let NY cities go bankrupt like Detroit

The city of Detroit’s declaration of bankruptcy has left some in New York wondering whether any upstate cities will be next. State officials say they are trying to help with financial planning guidance, but local governments say more needs to be done.

State Comptroller Tom DiNapoli has created a fiscal stress monitoring system that measures the financial health of New York’s local governments. A preliminary report found two dozen cities, counties and villages are moderately to severely fiscally stressed.

DiNapoli say he hopes they can avoid the fate of Detroit.

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