08/02/2012 10:25 am ET

Thomas DiNapoli, NY State Comptroller, Warns Of Weakening Financial Systems In Local Governments

Local governments across New York State are collecting less in taxes, burning through their cash reserves and running up deficits, according to a report released Wednesday by the state comptroller.

The report by the comptroller, Thomas P. DiNapoli, cast long-term doubt on the financial health of many municipalities in the state, which are faced with anemic revenues and fewer remaining ways to cut costs.

Read more on The New York Times