Comptroller: 5 Long Island municipalities under ‘significant financial stress’

Posted: Updated:

The state comptroller's office released a new report on the financial health of municipalities, and it paints a bleak picture of Long Island.

It says 12 municipalities are under "significant fiscal stress." Five of those are on Long Island.

The city of Long Beach came in as the third most stressed in the state, followed by Suffolk County at No. 4 and Nassau County at No. 6. The village of Islandia came in at No. 8 and the Town of Oyster Bay came in at No. 9.

The report considered cash balance, debt and source of revenue.

Economist Marty Cantor says local governments need to either spend less or get a steady and reliable stream of income to meet their expenses.

"Everybody's loathe to raise property taxes, but they'll fee us to death with mortgage fees, burglar alarm fees, red light cameras and all this other nonsense," said Cantor. "If they just did the right thing fiscally, which is what the state comptroller is telling them to do, then we'd have enough recurring revenues to balance our budgets without borrowing."

Two villages in Nassau, Valley Stream and Island Park, were on a list of municipalities facing what was called "moderate fiscal stress."

  • SlideshowsGalleriesMore>>

  • Dog Day Fridays for Oct. 18

    Dog Day Fridays for Oct. 18

    Friday, October 18 2019 10:16 AM EDT2019-10-18 14:16:58 GMT
    Douglas is a 5-year-old, male, neutered Cattle dog mix rescued through the Soi Dog Foundation in Thailand from the streets of Thailand. These dogs are often rounded up and sold to the dog meat trade in China. He is good with dogs and older children.Douglas is a 5-year-old, male, neutered Cattle dog mix rescued through the Soi Dog Foundation in Thailand from the streets of Thailand. These dogs are often rounded up and sold to the dog meat trade in China. He is good with dogs and older children.
    Douglas is a 5-year-old, male, neutered Cattle dog mix rescued through the Soi Dog Foundation in Thailand from the streets of Thailand. These dogs are often rounded up and sold to the dog meat trade in China. He is good with dogs and older children.Douglas is a 5-year-old, male, neutered Cattle dog mix rescued through the Soi Dog Foundation in Thailand from the streets of Thailand. These dogs are often rounded up and sold to the dog meat trade in China. He is good with dogs and older children.
    This week's dogs are up for adoption at Almost Home Animal Rescue & Adoption. The shelter is located at 646 Medford Ave. in Patchogue. Their phone number is (631) 627-3665.
    This week's dogs are up for adoption at Almost Home Animal Rescue & Adoption. The shelter is located at 646 Medford Ave. in Patchogue. Their phone number is (631) 627-3665.
  • Your Oct. 16 storm photos

    Your Oct. 16 storm photos

    Storm photos Oct. 17Storm photos Oct. 17
    Storm photos Oct. 17Storm photos Oct. 17
    Heavy right and high winds swept through the tri-state area due to a large coast storm on the night of Oct. 16. Here are your photos from the storm.
    Heavy right and high winds swept through the tri-state area due to a large coast storm on the night of Oct. 16. Here are your photos from the storm.
  • Yankees in the 2019 Playoffs

    Yankees in the 2019 Playoffs

    New York Yankees pitcher CC Sabathia throws against the Houston Astros during the 10th inning in Game 2 of baseball's American League Championship Series Sunday, Oct. 13, 2019, in Houston.New York Yankees pitcher CC Sabathia throws against the Houston Astros during the 10th inning in Game 2 of baseball's American League Championship Series Sunday, Oct. 13, 2019, in Houston.
    New York Yankees pitcher CC Sabathia throws against the Houston Astros during the 10th inning in Game 2 of baseball's American League Championship Series Sunday, Oct. 13, 2019, in Houston.New York Yankees pitcher CC Sabathia throws against the Houston Astros during the 10th inning in Game 2 of baseball's American League Championship Series Sunday, Oct. 13, 2019, in Houston.
    Photos on the field of the New York Yankees in the 2019 American League Division Series vs. the Minnesota Twins.
    Photos on the field of the New York Yankees in the 2019 American League Division Series vs. the Minnesota Twins.
sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."