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Peekskill is not close to experiencing fiscal stress, according to the latest "Fiscal Stress Test" released by New York State Comptroller Thomas DiNapoli. The test attempts to monitor stress using a "systematic and objective methodology" financially and environmentally, according to the Comptroller's Office. To be considered susceptible to fiscal stress, a town needs to receive a score of 45 percent or higher. The City of Peekskill received a score of 24.2 percent, according to the report.
“The Common Council and I have worked closely with city management to reduce spending, keep taxes low, and mange our fund balances,” Mary F. Foster, mayor of the City of Peekskill, said in a press release. “By attracting new development, creating a prudent Fund Balance policy, and investing in the city’s infrastructure, Peekskill has a better bond rating than when we took office.”
This test measures "the level of fiscal stress a municipality is facing, not its level of fiscal health," according to the comptroller's office.
"A municipality’s absence from the top three categories should not be viewed as substantiation of good financial condition by OSC," according to the report.
The test's financial indicators are based on nine different calculations using Year End Fund Balance, Operating Deficits, Cash Position, Use of Short-term Debt and Fixed Costs, according to the report.
"Within Westchester County, this score places Peekskill in a positive position alongside the Village of Harrison, New Castle, Town of Mamaroneck and Eastchester," Peekskill representatives said in the release. "While all communities are facing fiscal stresses, the scores demonstrates Peekskill’s ability to manage operations, budgets, and cash flow to avoid a fiscal crisis."
The full report is available on the Comptroller's website.
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