NEW CITY – Clarkstown Supervisor George Hoehmann announced that the credit ratings agency Standard & Poor’s (“S&P”) reaffirmed the Town’s “AA” bond rating while maintaining the town’s financial outlook as “stable.”
S&P’s affirming review comes on the heels of the State Comptroller’s Office removing Clarkstown from its “susceptible to fiscal stress” designation as part of its statewide Fiscal Stress Monitoring system. The town had, in varying degrees, been designated as fiscally stressed since 2017.
S&P cited Clarkstown “Management’s commitment to growing revenue and ongoing expenditure control underpin the significant improvement in reserves and ongoing strong, in our view, budgetary performance.”
It also said the town “continues to see commercial, retail growth with new and existing companies expanding or opening in previously vacant or underused spaces. The town anticipates additional residential development will continue to attract new residents and underpin our expectation that the local economy will likely continue to grow and stabilize overall credit quality.”
S&P’s review of Clarkstown’s finances comes in advance of the town’s issuance of $16.4 million in general obligation public improvement serial bonds.
“Clarkstown’s finances have never been in better shape and I’m immensely proud of the progress that we’ve made in the past six years,” said Supervisor Hoehmann.
