New York State localities’ unreserved fund balances are less than half recommended levels, the Office of the New York State Comptroller has reported.

In fiscal year 2011, the most recent year where there is data available, fund balances for these localities were 7.0% of operating expenses. The office excluded New York City, school districts and fire districts from this measure. “The Government Finance Officers Association has generally recommended that local governments keep about two months of operating expenses in cash,” according to the office’s 2012 Annual Report on Local Governments. This would be 16.6%.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.