I’m delighted to announce that, once again, Standard & Poor’s has reaffirmed
Clarkstown’s AA Bond rating, an outstanding rating that ranks among the highest for a
municipality in the region. This is the 5th consecutive year the Town has achieved this
rating. Standard & Poor's also, once again, designated a “Stable Outlook” for
Clarkstown’s finances looking forward. Clarkstown was recognized for continued fiscal
strength by S&P and praised in the agency’s annual report for strong fiscal
management practices such as; seeking new revenue sources through forward-looking
planning; proactive, well-embedded budgeting practices to sustain operational balance;
a record of operating surpluses; and holding manageable debt. This outstanding credit
designation means that Clarkstown remains well positioned to secure low interest rates,
which delivers real value for Clarkstown taxpayers today and into the future.
This is outstanding news for the residents of Clarkstown, and I’m incredibly proud of the
financial turnaround that has taken place since I became Supervisor. Maintaining a high
bond rating is critical to the Town’s financial health, as bonds are the primary source of
long term credit to a municipality. A higher bond rating means the Town can finance
capital projects at a lower cost in interest rates. The savings to the taxpayers in interest
can easily be in the thousands based on each million in bonded expenditures.
Every year, municipalities are subject to a bond rating assessment performed by an
independent agency. The agency then assigns a credit risk rating to the municipality
based on a large number of financial metrics. The agency considers recent financial
performance, tax base growth, residential and commercial vacancy rates, median
resident age and income, and debt per capita. The agency will also look closely at
expected future performance based on factors such as new projects, building permits
issued, and population trends. After taking all these factors into consideration, Standard
& Poor’s issues a rating, with Clarkstown having now received an AA rating for the 5th
consecutive year.
When I first took office in 2016, Clarkstown was designated as one of New York State’s
most fiscally stressed towns and our bond rating had been downgraded twice as a
result of the previous administration’s policies and performance. In 2021, with a new
record of consecutive years with strong budgetary practices, rising surpluses, and a
strong economic growth plan, Clarkstown was removed from the State’s fiscally
stressed list. In 2025, we are in a much better place with the bond rating to prove it.
I’m truly delighted to say that Clarkstown’s finances remain in excellent shape and I’m
immensely proud of the progress that we’ve made. S&P’s continued optimistic outlook
of the Town’s finances and recognition of its diverse and sound economic foundation is
great news. Even through an incredibly challenging year where many of our costs were
driven higher due to inflation, Clarkstown remains well positioned to secure low interest
rates, saving taxpayers money in a very tangible way and enabling the Town to
responsibly invest in important upgrades to our infrastructure.
