The panel created this year to aid local governments resolve structural fiscal problems, resolve labor disputes and possibly consolidate services has been formally formed with Gov. Andrew Cuomo this afternoon announcing his picks to be on its board.

Cuomo announced today his appointments to the Financial Restructuring Board for Local Governments, turning to a mix of lawmakers, cabinet officials and members of the private sector.

By law the 10-member board  includes Attorney General Eric Schneiderman, Comptroller Tom DiNapoli, state Secretary of State Casear Perales and Cuomo’s budget chief, Bob Megna.

Today Cuomo announced Assemblyman Denny Farrell, Sen. Jack Martins, local government policy advisor Sydney Cresswell, OGS Commissioner RoAnn Destito, Environmental Facilities Corp. President Matt Driscoll and investment banker Todd Snyder would round out the panel.

Farrell, a Manhattan Democrat, was picked based on the recommendation of Speaker Sheldon Silver. In addition to being chairman of the Assembly Ways and Means Commitee, he is also very close with Silver.

Martins, a Long Island Republican and former Mineola mayor, is the Senate Local Government Committee Chairman.

The committee also announced the launch of its website, www.frb.ny.gov.

The committee’s formation comes as local governments across the state — especially upstate but also relatively affluent areas downstate — face shrinking tax bases and increasing, built-in costs.

For local governments there are repackaged grants and incentives available, but the carrot for officials on the municipal level is to accept and enact recommendations by the restructuring board should they accept any state money.