For Immediate Release
September 13, 2016
Standard and Poor’s Assigns Clarkstown AA+ Rating
Stable outlook reflects strong economy and strong management
(New City, NY) – Following two negative downgrades in 2015, Clarkstown Supervisor George Hoehmann announces the Town has received a sustained AA+ rating from Standard and Poor’s with a stable outlook. Clarkstown remains one of the highest rated municipalities in the State of New York.
The AA+ rating reflects Standard and Poor’s view stating, “the Town’s recent efforts to reduce costs and manage areas of future cost growth support our belief that the town’s performance will remain strong.” The report reflects positively on Supervisor Hoehmann’s commitment to retire more debt than it issues going forward.
The report also notes that, “management’s efforts to reduce expenditures remain a priority and officials are assessing options to reduce expenses”.
“I am proud that Standard and Poor’s recognizes our efforts in my first year as Supervisor to turn the tide and reform government,” said Supervisor Hoehmann. “My promise to the residents of Clarkstown to look at every department and find ways to save the taxpayers money, has resulted in receiving a sustained positive rating from Standard and Poor’s.”
Under Supervisor Hoehmann’s leadership, the Town has cut over $1million in salaries, reduced stipends for boards and commissions, entered into an agreement with the New York Power Authority to install LED street lamps, and is reviewing every department for efficiencies and cost savings. In addition, the Town has seen increased revenue from both sales and mortgage taxes in 2016.
A copy of the report can be viewed at Town of Clarkstown S&P Report 2016.