FISHKILL – The Town of Fishkill has received an upgrade in ratings from Moody’s Investor’s Service. After reviewing the town’s financial statements and budgetary practices, they have been upgraded from the Aa2 rating to the Aa1 rating, the second-highest out of 21 possible credit ratings on Moody’s scale, according to town officials.
Moody’s cited the town’s conservative budgetary practices and its strong revenue returns including sales tax and mortgages tax. It also noted the town has increased its reserves by more than $1.5 million in the past year.
“It’s obvious from this report that through a series of right decisions over a course of time, the town is moving in the right direction,” said Councilman Brian Wrye, who took office in January.
The upgrade in Moody’s rating to Aa1 is just the third such rating awarded by Moody’s to a local government organization in New York so far in 2022. With this boost, the Town of Fishkill now has the highest Moody’s credit rating in Dutchess County, moving above a number of others that share the Aa2 designation, including Dutchess County government, according to Supervisor Ozzy Albra.
“Our ability to stay open during the pandemic came down to our employees showing courage and dedication by coming into work and continuing the business of the town in a safe environment that mitigated risk,” Albra said. “Because we were able to stay open, we were able to process building permits, home sales, and so many other business items. While many other municipalities are hurting financially due to the pandemic, the Town of Fishkill is in excellent financial condition, and this rating increase is evidence of the great work our staff has done.”
Councilman Carmine Istvan applauded decisions made in 2020 at the onset of the COVID-19 pandemic which made it possible for the town to remain open. “We have a terrific staff at the Town of Fishkill, and the town was able to glass in the service windows at town hall so residents could continue doing business. I applaud those decisions.”
