Commission endorses six-month timing extension for future Fiscal Stress Reports
Summary
To accommodate late-filing localities the Commission endorsed staff’s recommendation to allow Fiscal Stress Reports to be completed in January with a possible six-month extension to July; if data remain missing by July staff will use prior-year figures.
Commission staff recommended and the Commission endorsed a procedural change to the timetable for producing the Fiscal Stress Report to reduce delays caused by late local filings.
Ali Akbor, Senior Public Finance Analyst, explained that staff will continue to prepare reports to be available for the Commission's January meeting but will allow a six-month extension to July to include late-filing localities. If localities still have not filed by July, staff will use the prior year's data for that locality; Akbor told commissioners his analysis shows using prior-year data for an outlier locality does not significantly affect statewide rankings. The Commission endorsed the internal policy.
Commissioners discussed the trade-off between timeliness and completeness and agreed the new process balanced stakeholders’ needs; the endorsed change is intended to ensure other state agencies that rely on the report receive usable results while accommodating local reporting delays.
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