NEWBURGH – In the past year, Newburgh officials have turned the city’s finances around. While the city is not out of the woods yet, there is good news in that Moody’s Financial Services has rated Newburgh with a positive outlook.
The bond rating remains at BAA2, but City Manager Joseph Donat said that could improve going forward.
“It is a vote of confidence pretty much on all levels and what it speaks to is the work that I think everyone is well aware of now. We are working around the clock to restore the city’s fiscal credibility and this bond rating speaks to that,” he said.
Last year, the city tightened its financial belt significantly with the layoffs of police and firefighters.