Byline: JAMES DENN Business writer
ALBANY -- Hurt by weak local economies, declining tax bases, state aid cuts and costly public employee contracts, most cities in the state are in deep financial trouble, according to a study by a major bond rating company.
According its largest study to date on the economic condition of cities in New York, Moody's Investor Service said that the 25 cities -- including four in the Capital Region -- had outstanding debts of $32.1 billion.
Many cities never rebounded from the early-1990s recession, said Moody's.
Hurt by a soft real estate market and a striking loss of population, local tax bases have been …