DiNapoli Report: Local Governments Have Exhausted Resources (VIDEO)

A report issued by State Comptroller Thomas DiNapoli reveals that many local governments have nearly exhausted their resources in an effort to avoid severe fiscal stress.

DiNapoli’s report noted that the growing disparity between revenues and expenditures was increasing. From 2006-2011, total local government expenditures grew by 17.4 percent. Meanwhile, revenues only grew by 15 percent.

More specifically, county expenditures jumped 17.2 percent, while revenues climbed 13.4 percent. Total city expenditures increased 8.4 percent during this time frame, but revenues only increased 6.4 percent. And town expenditures grew 12.9 percent, but revenues increased only 7.1 percent.