NEW CITY – Fitch Ratings has upgraded Rockland County’s general obligation bond rating from “A-minus” to “A.”
That is the 10th consecutive bond upgrade since 2014 when the county’s bonds were rated just above junk and the county had a $138 million deficit.
County Executive Edwin Day said the upgraded ratings mean when the county borrows money to fund capital projects it can do so at a lower cost; saving taxpayer dollars.
“The upgrade shows that the difficult choices we made in the past are being noticed and paying dividends for our residents,” Day said. “I vowed to restore Rockland to a position of fiscal responsibility and strength; through conservative budgeting and strict discipline we are making progress.”
A recent financial report on county spending showed an unassigned fund balance or surplus of $32.2 million in the county’s general fund.
Day credited county employees for the fiscal turnaround. “I did not do this on my own and thank them for their new idea, process new improvements and dedication,” he said. “We have accomplished so much together, so quickly; we have brought Rockland back from the brink and are now poised to move into the bright future residents deserve.”
