State Comptroller Tom DiNapoli has issued another dire warning about the fiscal challenges facing New York’s counties and municipalities.

“Years of decreasing, stagnant or slow economic growth have led local governments to cut vital services and tap their rainy day funds to balance budgets, a practice that is not sustainable in the long term,” the comptroller said.

Some highlights (or low-lights) from the report show that costs have grown while revenue increases have not kept up.

According to a news release from the comptroller’s office, total local government expenditures grew by 17.4 percent (an average growth of 3.3 percent per year) from 2006 through 2011. Meanwhile, revenues only grew by 15 percent (an annual average of 2.8 percent per year).

2012 Fiscal Report