When I first took office in 2016, Clarkstown’s finances were in severe decline. Years of
mismanagement and rampant reserve spending resulted in the town’s designation as one of
New York State’s most fiscally stressed towns. Standard & Poor’s downgraded the town’s bond
rating twice in 2015. The town was facing insolvency and residents had good reason to worry
about what that meant for their tax bills, their services, and the town’s ability to invest in its own
future. The new Town Board and I vowed to turn that around.
It took time, creativity, spending cuts, and consolidations, but we delivered on that promise.
Today, Clarkstown’s financial picture is greatly improved, and independent evaluators back up
this claim.
Last week, the Office of the State Comptroller reported that Clarkstown’s fiscal stress score
improved significantly, now sitting at the lowest level of stress in modern history. We had a lot
to overcome to get here, but we have gone from one of the state’s most fiscally stressed towns
to one of the least stressed in the time I have been in office.
Shortly after that report was released, Standard & Poor’s released its annual rating on
Clarkstown’s largest bond category. S&P reaffirmed Clarkstown’s AA bond rating with a stable
outlook, marking the sixth consecutive year the town has earned that rating. The agency pointed
to our responsible budgeting practices, pursuit of new revenue sources, a growing and diverse
tax base, access to the New York City regional labor market, and rising general fund reserves.
These two ratings are very important to our residents. A bond rating is one of the most important
report cards a town is given. Professional analysts examine a wide range of recent financial
performance including tax base growth, vacancy rates, debt per capita, and expected future
performance. These experts assess the town’s financial position and then put their name on a
conclusion. Clarkstown’s AA rating means the Town can borrow for road improvements,
drainage projects, parks, and public safety at lower interest rates than many other borrowers,
and lower interest rates translate into money taxpayers keep in their wallets.
This is the 6th consecutive year that our financial performance has earned this rating. I’m very
proud of the consistent results we’ve delivered, mainly because it shows a clear pattern.
Clarkstown has adopted a set of standards and best practices that have become part of the
culture in Town Hall. We do not over-rely on one-time revenue, we’re building steady growth in
reserves, and we have a stated plan to reduce annual borrowing. We will cut overall debt by $4
million, and retire 75 percent of Town debt within ten years.
Improving the town’s finances was the most important mission my administration faced. With the
help of an incredible staff and a number of like-minded town council members over the years,
we accomplished that goal; and perhaps more importantly, we have consistently maintained it.
Clarkstown is in great shape for both now and in the future, and the experts agree.
