Enacts the local government fiscal indicator system act

This bill establishes a new system to monitor the financial health of New York municipalities, including counties, towns, villages, and school districts. The State Comptroller will review financial reports to identify communities facing fiscal stress, categorizing them into three levels based on specific criteria like operating deficits and debt ratios. When a municipality is flagged for fiscal stress, the Comptroller notifies local officials and requires them to submit a corrective action plan, which may include mandatory financial training. The act also defines a "financial control board" that could be created to take over a municipality's finances if its condition does not improve, giving the board authority over contracts and debt issuance.