Earns “No Fiscal Stress” Rating from State Comptroller
The City of Glen Cove showed a marked improvement in its finances, showing a surplus for the first time in seven years and no fiscal stress.
For the year ending December 31, 2024, Glen Cove achieved its first accumulated surplus since 2017, closing the year with a positive balance of $87,556. In addition, the New York State Comptroller’s Office has once again designated Glen Cove as having “No Fiscal Stress” based on its independent, objective review of the city’s financial results.
The city has carried negative balances from 2018 through 2023, including a $5 million deficit in 2020.
“Glen Cove’s finances are stronger than they have been in many years,” said Mayor Pamela D. Panzenbeck. “This accomplishment is a direct result of the teamwork, responsibility, and fiscal discipline practiced by our city’s leadership. 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 [Thomas] DiNapoli and his office for their thorough review and recognition of our progress.”
“Turning a $5 million deficit into a surplus took persistence, discipline, and teamwork,” Piccirillo said. “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.”