Moody’s give City of Newburgh “stable” outlook

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NEWBURGH – The City of
Newburgh’s financial future is looking brighter. Moody’s Investors
Service has reaffirmed the city’s Baa2 bond rating and issued a
stable outlook.
The agency said the Baa2 rating “reflects the city’s adequate reserves, active state oversight, weak wealth and income metrics, and high debt burden.
City Comptroller Katie Mack said Newburgh hopes to increase its tax base and fund balance going forward.
“If we can put those two things together along with the projects that are moving along, at the waterfront we have the R. Black Global project at the south side of the waterfront and we have the Regal Bag project at the north side, I think that combine with us increasing our reserve levels, growth in the tax base, might actually get us to the next level,” Mack said.
That would be Baa1.
Moody’s said its stable outlook “reflects our expectation that the city’s financial position will remain stable over the next several years.” The agency’s latest report said, “While the tax base and economy will remain pressured, management, under active state oversight, will continue to budget conservatively and add to financial reserves, although at a slower pace than in recent years.”