Standard & Poor’s Maintains AA Bond Rating and “Stable Outlook” for Clarkstown’s Finances Based on 3 Straight Years of Surplus
After Years of Continued Progress, New York State Comptroller’s Office Removes Town from “Fiscal Stress” Monitoring System
New City, NY – Clarkstown Supervisor George Hoehmann announced today that the credit ratings agency Standard & Poor’s (“S&P”) reaffirmed the Town’s “AA” bond rating while maintaining the Town’s financial outlook as “stable.” S&P’s affirming review comes on the heels of the New York State Comptroller’s office removing Clarkstown from its “susceptible to fiscal stress” designation as part of its statewide Fiscal Stress Monitoring system. The Town had, in varying degrees, been designated as fiscally stressed since 2017. The State Comptroller’s press release for 2021 removes Clarkstown from the list.
S&P cited Clarkstown “Management’s commitment to growing revenue and ongoing expenditure control underpin the significant improvement in reserves and ongoing strong, in our view, budgetary performance,” as well as their view that “Clarkstown continues to see commercial, retail growth with new and existing companies expanding or opening in previously vacant or underused spaces. The town anticipates additional residential development will continue to attract new residents and underpin our expectation that the local economy will likely continue to grow and stabilize overall credit quality.”
S&P’s review of Clarkstown’s finances comes in advance of the Town’s issuance of $16.4 million in General Obligation public improvement serial bonds.
“Clarkstown’s finances have never been in better shape and I’m immensely proud of the progress that we’ve made in the past six years. The recognition of our positive fiscal trajectory by the New York State Comptroller’s Office and Standard & Poor’s is proof of this accomplishment. S&P’s continued optimistic outlook of the Town’s finances and recognition of its rock solid economic foundation in particular is great news. At a time when interest rates are being driven higher due to inflation, Clarkstown is well positioned to secure lower interest rates than many other borrowers are able to, which delivers real value for Clarkstown taxpayers today and into the future. I remain committed to financing infrastructure projects that enhance the quality of life for Clarkstown residents and businesses.”