Request a Multi-Year Financial Planning Grant for Local Governments
…upon the request of any county, city, excluding a city with a population of greater than one million, town, or village which (1) has elected to engage in multi-year planning with the assistance of an external financial advisor, and (2) has been identified as experiencing fiscal stress, the financial restructuring board for local governments may determine that all or part of the cost to the county, city, town, or village for such external advisor shall be subject to reimbursement from monies appropriated to such board for the making of grants and loans.
Local Finance Law §160.05 (3)(b)
Multi-year financial planning is integral to the fiscal health of any local government. As such, the Financial Restructuring Board for Local Governments has available funding to assist fiscally-stressed local governments with multi-year financial planning on a reimbursement basis. Below are the eligibility requirements and additional information about the grants.
Eligible local governments (any county, city, excluding a city with a population of greater than one million, town, or village) that meet the below requirements may be eligible for a reimbursement equal to the lesser of (1) 50 percent of the cost of engaging in multi-year financial planning with the assistance of an external advisor, which may be increased to up to 100 percent of such cost upon approval by the Chair of the Board, or (2) $12,500.
Please note that this form is only to be completed by an authorized municipal official after his or her governing board has adopted a resolution requesting reimbursement for multi-year financial planning expenses. All requests must include a resolution to be considered.
Upon receipt of the required information/application noted here within, the Board will provide your municipality with an expedited determination if its application has been approved, or not, and the reason(s) therefor. Upon such notification, your municipality could then initiate its procurement of an external advisor.
Local governments must meet all of the below criteria to be eligible for a grant to reimburse part or all of the costs of engaging an external advisor to assist with multi-year financial planning:
- The Office of the State Comptroller, through its Fiscal Stress Monitoring System, must have assigned the municipality a fiscal stress designation of Moderate Stress or Significant Stress based on the most recent year’s data, which is made available at http://wwe1.osc.state.ny.us/localgov/fiscalmonitoring/fsms.cfm.
- The municipality must have elected to engage in multi-year financial planning with the assistance of an external advisor.
- The municipality must pass a resolution requesting reimbursement for part of the cost of such external advisor incurred by the municipality, and agree and covenant through such resolution that it: (a) will make its multi-year financial plan publicly available on its website, (b) will annually update its multi-year financial plan for a minimum of ten years, (c) has not previously received reimbursement for multi-year planning expenses from the Board, and (d) has not produced a multi-year financial plan in the current year or within the past three years.
- The municipality must submit a request for reimbursement to the Board using the below form.
The following requested information will be reviewed by the Board. After receiving this information, the Board or staff to the Board may contact the municipality to request additional information.
Multi-Year Financial Planning Grants for Local Governments Request Form
(Information submitted may be subject to Freedom of Information Law (FOIL) provisions)
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