The City of Glen Cove received its best fiscal stress score from the Office of the State Comptroller Thomas DiNapoli since 2017, and has achieved a “No Fiscal Stress” score two years in a row for the first time.
“Glen Cove’s finances are stronger than they have been in many years,” said Mayor Panzenbeck.
The fiscal stress monitoring system was introduced in 2013 and provides a rating for the year ending in 2012.
The comptroller’s office said the system calculates and publishes a fiscal stress score for every county, city, town, village, and school district based on data reported to the office. DiNapoli’s office announced the city’s stress rating in April.
The fiscal stress score is determined from 0 through 100, with higher numbers showcasing more stress. For the 2024 calendar year, Glen Cove earned a score of 37.5.
The city has earned a “No Fiscal Stress” rating three times since the state introduced the rating system. In 2018, the city earned a score of 28.3, and in 2023, it earned a 43.8, both of which indicated no fiscal stress.
Notably, the city earned a “Significant Fiscal Stress” rating in 2014 with a score of 70. All other years, the city fluctuated between “Moderate Fiscal Stress” and “Susceptible to Fiscal Stress” ratings.
This year marks the first time the city has earned back-to-back no-stress ratings.
“Straight from the Office of the New York State Comptroller: Glen Cove is not just recovering — we are thriving, building momentum, and shaping a stronger future for our city,” Panzenbeck wrote in a Facebook post.
Panzenbeck noted that 2024 was the first time in six years the city finished the year with a total surplus. The year ended with an almost $88,000 positive balance.
“This accomplishment is a direct result of the teamwork, responsibility, and fiscal discipline practiced by our city’s leadership,” Panzenbeck said.
The city’s last surplus was in 2017, when it sold the waterfront to RXR. In 2020, the city had an approximate $5 million deficit.
“Turning a $5 million deficit into a surplus took persistence, discipline, and teamwork. I am proud of my staff and grateful for the support of Mayor Panzenbeck and city leadership as we continue strengthening Glen Cove’s financial position,” said city Comptroller Michael Piccirillo.
“I especially want to recognize Comptroller Michael Piccirillo and his team, who work tirelessly each day to safeguard taxpayer dollars and ensure accurate, responsible financial management. I also thank Comptroller DiNapoli and his office for their thorough review and recognition of our progress,” Panzenbeck said.
