Glen Cove Achieves $87K Budget Surplus

By Leader Staff

The City of Glen Cove announced that for fiscal year 2024, the City had achieved its first budget surplus since 2017, with an $87,556 surplus balance.

As a result of the surplus, the New York State Comptroller’s Office, under Comptroller Thomas DiNapoli (D-Great Neck), has designated Glen Cove as having “No Fiscal Stress” based on their audit of the city’s accounts.

These results mark a dramatic turnabout from years of deficit, with Glen Cove carrying negative deficit balances from 2018 through 2023.

Glen Cove Mayor Pam Panzenbeck praised the work of her administration and City Comptroller  Michael Piccirillo for moving Glen Cove from a deficit of more than $5 million in 2020 to today’s accumulated surplus.

“Glen Cove’s finances are stronger than they have been in many years,” stated 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," added Panzenbeck, "And I also thank Comptroller DiNapoli and his office for their thorough review and recognition of our progress.”

Glen Cove Comptroller Michael Piccirillo echoed Panzenbeck's remarks, adding "Turning a $5 million deficit into a surplus took persistence, discipline, and teamwork. 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.”

The last time Glen Cove held an accumulated surplus was in 2017.