An analysis issued this week by Moody’s found local government finances, primarily for towns and villages, will remain stable over the next two years.

But the report also raised concerns with upstate and suburban cities in the state that have stressed financial positions.

The report presented a stark contrast for municipal governments, with towns and villages holding stronger credit profiles, with generally more wealth and income and higher reserves, giving them more flexibility if tax revenue slows down.

Cities, meanwhile, have higher fixed costs and less flexibility. They’ve lost population and their reserves may make it harder for them to weather the next recession.

“New York’s cities of Rochester, Buffalo, Syracuse, and Yonkers will continue to face risks to their financial flexibility because their school districts do not have their own taxing power and rely in part on city payments to balance operations,” said Rob Weber, Vice President and Senior Analyst at Moody’s. “Towns and villages in the Metropolitan New York City region will tend to have stronger credit profiles than in other parts of New York, helped by more robust tax bases and economies.”

Those cities’ issues are compounded, too, by their school districts not being able to rely on their own taxing power to raise revenue, further stretching property tax power for a city.