FISHKILL – Moody’s Investor Services upgraded the Town of Fishkill’s credit rating from A1 to Aa2 translating to lower costs to borrow for town capital projects.
Moody’s said the town’s financial position has improved through successive operational surpluses driven by careful expense management and conservative budgeting.
Over the past five fiscal years, the town has strengthened its reserves and made capital and infrastructure improvements its focus going forward, Moody’s noted. The town’s debt, pension and post-employment expense liability are low, the rating agency reported.
“This upgrade indicates the dramatic improvement in the town’s fiscal strength,” said Town Supervisor Robert LaColla. “Moody’s has now upgraded Fishkill seven levels since 2013.”
The supervisor said that he has had “a clear focus on balancing budgets, smart spending and long-term capital planning” over the past eight years, LaColla said. “This upgrade has the effect of freeing tax dollars for other needs that would otherwise be spent on debt service.”
