Local governments are struggling in New York, and the picture doesn't look much better in the near future, according to a new report from the state Comptroller's Office, the Syracuse Post-Standard reported yesterday. Expenses are rising at a faster rate than revenues, and local governments are burning through their bank balances, said the annual report by New York State Comptroller Thomas P. DiNapoli. "Years of decreasing, stagnant or slow economic growth have led local governments to cut vital services and tap their rainy day funds to balance budgets, a practice that is not sustainable in the long term," DiNapoli said. DiNapoli said that he will launch an early warning fiscal stress monitoring system in January. The system, DiNapoli said, will "identify signs of budgetary strain in local communities sooner so that corrective actions can be taken before a full financial crisis develops."
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