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“White Plains and Rye are on solid financial ground and not facing the demographic and fiscal stress challenges that are afflicting other cities in New York,” said DiNapoli in a statement.
Over the past decade, expenditures in each city have grown faster than the statewide average, but revenues have increased substantially for both municipalities during the same time frame.
Revenue growth has allowed each city to build up its rainy day reserves. In 2012, Rye had $6.8 million in available fund balance, equal to 23 percent of its general fund expenditures, and White Plains had $12.7 million available, or 9.2 percent of its expenditures.
The fiscal profiles also outlined several positive demographic factors that benefit each city.
For example, Rye’s median home value is more than $1 million, which is ranked highest in New York state. The median household income of $142,469 is substantially higher than the median of $38,699 for cities statewide.
This combination of factors allows Rye to rely more heavily on property taxes to fund operations than most other cities.
In White Plains, there are a number of similar positive economic indicators. The city’s median household income is $76,164, and the median home value is $518,500.
DiNapoli’s fiscal profiles of the cities also highlighted that Rye’s revenues grew 69 percent between 2001 and 2011, and White Plains’ revenues grew 55 percent during the same period.
Click here for a copy of the White Plains fiscal profile.
Click here for a copy of the Rye fiscal profile.
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