Nassau and Suffolk Counties, and several Long Island municipalities, are in “significant fiscal stress.” That’s according to a report released last week by New York State Comptroller Thomas DiNapoli.
It’s the second year in a row the two Long Island counties have made the list.
DiNapoli looked at year-end balance, cash-on-hand, short-term borrowing, fixed costs and patterns of operating deficits, as well as “environmental” factors like poverty and unemployment.
He recommends municipalities engage in more long-term financial planning to reduce costs and fiscal constraints.
Long Island’s jobless rate rose last month for the first time since 2017.
The Town of Oyster Bay and the Village of Islandia were also designated to be in significant stress, for the first time.
