Council to seek review on finances
GLOVERSVILLE – The Common Council is expected to pass a formal resolution seeking a review and reform advice from the state Financial Restructuring Board on how to improve the city’s current financial situation.
According to the state website, the Financial Restructuring Board for Local Governments is a 10-member panel available year-round to offer assistance to eligible municipalities. The board is chaired by the Budget Director and includes the state Comptroller, the Attorney General, the Secretary of State, and six other members appointed by the governor.
The website states any county, city (except New York City), town or village deemed a fiscally eligible municipality by the board can request by resolution a comprehensive review from the board. If the board decides to undertake a comprehensive review of a municipality, it can request any information necessary to understand the municipality’s finances and operations. Based on this information, the board would make recommendations to that municipality on improving its fiscal stability, management and the delivery of public services.
In addition, the site said, the board could offer grants and/or loans of up to $5 million through the Local Government Performance and Efficiency Program for undertaking certain recommendations. If the municipality agrees to undertake the board’s recommendations, it would be contractually bound to fulfill those terms in order to receive the aid.
According to the resolution, the city has an average full value property tax rate of $21.31 per $1,000 of assessed property value, which is greater than the full value property tax rate of 75 percent of counties, cities and towns with fiscal years ending in the same calendar year as the city.
The city is seeking a comprehensive review of the operations, finances, management practices, economic base and any other factors within the board’s discretion to make findings and recommendations on reforming and restructuring of operations, the resolution said.
“This board could offer some opportunities to save some money for the city,” Mayor Dayton King said this morning. “I think all cities are under the same kind of fiscal stress with pensions and healthcare cost, so what we are looking to do is get in front of this board as well and if they have ideas we haven’t thought of we would be happy to hear them.”
He said the resolution being considered by the council is required in order to seek assistance from the board.
King is also scheduled during the meeting to provide an update on the Comprehensive Plan.
The Steering Committee consisting of city residents and public officials will host a Comprehensive Plan Workshop on Thursday to get insight from the community on how the city can move forward and improve with a new plan.
That meeting will be held at 6:30 p.m. at the First Congregational Church, located at 31 E. Fulton St.
The Common Council meeting will start at 6 p.m. Tuesday in City Hall.