Question 1

Where does municipal finance data come from?

Accepted Answer

Municipal finance data comes from the New York Office of the State Comptroller (OSC). All local governments in New York are required to file annual financial reports detailing revenue, expenditures, fund balances, and debt. Reports are published through OSC's Open Book and Financial Data portals.

Question 2

What are the main revenue sources for a municipality?

Accepted Answer

Most New York municipalities rely on property taxes, sales tax distributions (shared by county), state aid (AIM payments), charges for services, utility gross receipts taxes, franchise fees, and intergovernmental transfers. NYC and some cities also levy a local income tax.

Question 3

What is a General Fund and why does it matter?

Accepted Answer

The General Fund is the municipality's primary operating fund. It covers core services like police, fire, public works, and administration. A healthy General Fund balance (typically 25-50% of annual expenditures) indicates the town can handle unexpected expenses without raising taxes or cutting services.

Question 4

How current is this financial data?

Accepted Answer

NY OSC data typically lags 6-12 months behind the current fiscal year. The most recent year with complete data is usually one to two fiscal years prior.

Cedarhurst, NY

Finances — FY 2022