NEW CITY – Following two bond rating downgrades last year, the Town of Clarkstown has received a sustained AA+ rating from Standard and Poor’s with a stable outlook.
“The town’s recent efforts to reduce costs and mange areas of future cost growth support our belief that the town’s performance will remain strong,” the S&P report stated.
Town Supervisor George Hoehmann has committed to retire more debt that it issues going forward. The report also noted that “management’s efforts to reduce expenditures remain a priority and officials are assessing options to reduce expenses.”
Since Hoehmann took office, the town has cut over $1 million in salaries, reduced stipends for boards and commissions, entered into an agreement with the New York State Power Authority to install LED street lamps, and is reviewing every department for efficiencies and cost savings.
The town has also seen increased revenues from both sales and mortgage taxes this year.
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