Politics & Government

State Comptroller: White Plains Finances on Positive Track

The City of White Plains continues to maintain healthy financial positions, despite seeing the full value of property drop by 29 percent between 2008 and 2013.

The City of White Plains has done a good job of navigating a fiscally sound operation through murky economic waters, according to a report issued today by state Comptroller Thomas DiNapoli.

Although the expenditure growth rate in the city  increased by 5.1 percent from 2001 to 2011 on an average annual basis, this was  offset by an increase of 4.5 percent in revenues for the city during the same period. Statewide, cities had an expenditure growth rate of 3.3 percent and a revenue growth rate of 3.6 percent during the same period.

White Plains’ unemployment rate of 6.5 percent in 2012 is also lower than the statewide average of 8.5 percent, while its median household income of $76,164 is nearly double the average household income for other cities in the state.

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In 2012, White Plains had an available  fund balance of  $12.7 million, or 9.2 percent of general fund expenditures. Statewide, cities had  a fund balance that was 7.1 percent of general expenditures.

The city has also maintained an Aa1 bond rating by Moody’s, which is the second highest rating that can be achieved.

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“Although the property values of downstate cities were especially hard hit during the housing market crash, the high percentage of nonresidential properties gave White Plains an economic cushion to weather the recent financial downturn,” DiNapoli’s  report states.

White Plains Mayor Thomas Roach said stabilizing the tax base and creating more efficiencies in the city’s of government has been his top priority since he became mayor.

“The city of White Plains has stayed within the state property tax cap and has not borrowed to pay for pension costs or other operating expenditures and has ceased the practice of borrowing for tax certiorari,” Roach said. “We have consolidated departments and services and are continuing to look for efficiencies and other cost-sharing opportunities. We are on the right track and I am pleased that this profile by the Comptroller recognizes that.”

Although households in White Plains are doing better than most cities in the state, Westchester County households are on average more advantaged than White Plains households, according to the Comptrollers report.w

The average median income in the county is $80,725, compared to $76,164 in White Plains. The county average for child poverty rate, median home value and homeownership rate also compare more favorably than the city’s averages, according to the report.

Also, the full value of property in the City dropped by 29 percent between 2008 and 2013, after more than doubling from 2002 to 2008.

“While cities statewide show slight recovery, White Plains may find dealing with the loss of so much property value a challenge in the future,” the report states.

A PDF copy of DiNapoli’s report has been attached to this story.


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