For Immediate Release

August 3, 2011

 

Clarkstown Maintains AAA Rating from Standard and Poor’s

 

(New City, NY) – Clarkstown Supervisor Alex Gromack announces the Town has once again received a AAA rating, the highest a municipality can receive, from Standard and Poor’s, who reported a stable outlook for the Town. 

 

The triple A rating reflects Standard and Poor’s view of the Town’s strong local economy with access to the deep and diverse employment bases of New York City, Westchester County and northern New Jersey; strong property tax base, demonstrated by above average income levels and high market value per capita; and strong reserves and sound financial management.

 

“In this economic climate, I am proud Clarkstown has been able to keep our AAA rating,” said Supervisor Gromack.  “Our efforts to reduce spending, consolidate government and maintain our tax stabilization fund have proven that our fiscal management is sound and strong.” 

 

Standard and Poor’s considers Clarkstown’s financial management practices strong under its financial management assessment methodology, indicating practices are solid, well embedded and likely sustainable.  Standard and Poor’s concludes that Clarkstown’s strong financial position is due, in large part, to its unreserved general fund balance for tax stabilization purposes. 

 

In 2009, under Supervisor Gromack’s leadership, Clarkstown negotiated the sale of the its Solid Waste Transfer Station to the Rockland County Solid Waste Management Authority thereby eliminating annual operating expenses and establishing a $15 million dollar tax stabilization fund.  Sound financial decisions such as these played a significant role in the Town earning and keeping its AAA bond rating, which has resulted in millions saved in interest charges. 

 

Also, under Supervisor Gromack’s direction, the Town adopted the 2011 budget which reflected a .04% overall reduction to the budget.  The 2010 budget reflected a minor 1.6% increase after $3 million dollars in spending reductions.   In addition to cutting spending, the Town was able to reduce costs through job consolidation and attrition and has 71 fewer full time employees than 5 years ago.  Clarkstown has secured $30 million in grants for projects     and continues to research and seek out potential opportunities for Federal and State Assistance and partners with other governmental entities on community wide projects as a means of reducing costs where possible. 

 

“We have been successful in cutting spending while preserving a continued level of service for our residents,” said Supervisor Gromack.  “The economic outlook for the Town remains positive as we once again receive a AAA rating from Standard and Poor’s.”

 

 

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