The Village of Port Washington North was one of only 11 villages on Long Island to receive a top score on a fiscal monitoring system implemented by the State Comptroller’s Office to alert villages to possible fiscal stress.
Comptroller Thomas DiNapoli’s office used the monitoring system to evaluate 535 villages that had fiscal years ending May 31, 2013. The comptroller’s office took financial indicators such as debt, and surplus levels into account, relying upon budget items such as operating deficit, short term debt and fund balance in producing the report.
Port North Mayor Robert Weitzner told Port News: “I am very proud of our wonderful accomplishments here in the village. On our end the board carefully monitors expenses and always provides for contingencies.”
For example, Weitzner said, “We are prepared for the additional expenses we have incurred this winter for extensive snow removal. Last year was difficult because of Hurricane Sandy, but our prudent approach paid off.”
The objective of the fiscal monitoring system as stated on the New York State Comptroller’s web site is to provide feedback to counties, cities, towns, villages, school districts and citizens regarding the level of fiscal stress in which these entities are currently operating.
A score of zero on the assessment indicates no fiscal stress and Port North was singled out in the report as one of only 44 entities to receive a zero rating in the state.
While the report provides an opportunity for some villages such as Port North to celebrate their financial health the report serves as an early warning for villages that may be heading toward financial crises.