FOR IMMEDIATE RELEASE: Property Tax Cap Not Enough and Puts Strain on County Budgets

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FOR IMMEDIATE RELEASE

October 17, 2012

MaryEllen Odell, Putnam County Executive

845 808-1001

PROPERTY TAX CAP NOT ENOUGH  AND PUTS STRAIN ON COUNTY BUDGETS

MOODY’S  Assigns  Aa2 Rating to Putnam County Bond Issue

County Executive MaryEllen Odell announced today that Moody’s Investors Service assigned Aa2 rating to the $ 6.4 million Public Improvement Bond Issue to be sold November 1, 2012.   Odell stated, “Putnam County’s strong credit rating, developed through sound fiscal management, will save taxpayers hundreds of thousands of dollars in interest costs over the life of the bond issue.”   Odell further noted that the proposed 2013 Budget which holds the line on spending, reduces the County’s appropriation of fund balance, and includes a true 2% property tax increase that is lower than the New York State Tax Cap, was cited as a contributing factor to the County’s favorable bond rating.

In closing, Odell stated, “Our administration understands the struggles that our real property taxpayers are going through in this economy, and we will continue to recommend and implement cost saving measures to ease this burden.  However, Putnam and all other Counties throughout New York State need meaningful mandate relief from Albany in order to achieve substantial relief for property taxpayers.”

For specific information regarding this bond issue, please contact William J. Carlin, Jr. Commissioner of Finance at 845-808-1075 EXT 49321.