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Cuomo says it would be ‘reckless’ if local government borrowed in short-term to make-up budget shortfalls

Local governments are facing an unprecedented financial crisis, and so is New York State.

However, Governor Andrew Cuomo said local governments would be ‘reckless’ to borrow in the long-term without a financial control board in place.

Finger Lakes Partners (Billboard)

Municipalities big and small are considering borrowing plans to compensate.

“What do you think is going to change in a year or two?” Cuomo said. “You’re going to have the same fixed costs. And then you’re going to have debt service.”

Cuomo has called for a mixed bag of spending reductions and tax increases to make up the budget gap in lieu of federal help.

DiSanto Propane (Billboard)

Republicans in the state legislature are backing the Problem Solvers Caucus’ solution to the second relief bill. That bi-partisan proposal would provide stimulus and relief to communities across the board.

“The only way to successfully overcome the significant challenges New York now faces is with help from our partners in Washington. The viability of our cities, our schools, our local governments, our workforce, and our entire infrastructure depends on federal action. Years of gross fiscal mismanagement and botched budgeting by Democrats put New York State in a precarious financial position – even during strong economic times,” Assembly Minority Leader Will Barclay said.

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