MOODY’S ASSIGNS Aa2 BOND RATING TO $4.2M 2016 PUTNAM COUNTY BOND ISSUE
Solid Financial Operations Cited as Key Factor for Positive Rating
CARMEL, NY (July 5, 2016) — County Executive MaryEllen Odell announced today that Moody’s Investors Service has assigned a bond rating of Aa2 for the recent $4.2 Million Putnam County bond sale. This is the 5th year in a row that this administration has achieved this high bond rating, indicating that Putnam’s debt obligations are judged to be of high quality and therefore, subject to very low credit risk.
The proceeds from this sale will be used to fund renovations at Tilly Foster Farm, as well as various highway road and bridge improvements, as well as highway equipment purchases. Odell stated, “Our strong bond rating will allow the County to finance these capital projects at a low interest cost, saving our taxpayers money.”
William J. Carlin, Jr., Commissioner of Finance, further pointed out that Moody’s cited the County’s “solid financial operations” in its ratings rationale, and urged fiscal discipline in the 2017 budget process that will be underway shortly. “The 2017 County Budget process will be very challenging. We have to deal with a property tax cap of approximately one-half of 1%, while costs relating to Federal and State Mandated programs will consume more than the entire tax cap. We must remain vigilant in balancing our fiscal and social responsibilities to the people of Putnam County.”
Legislative Chairwoman, Ginny Nacerino, believes this rating substantiates the legislature’s resolve for fiscal responsibility and accountability. “Notwithstanding the stringent tax cap, we will continue to meet the challenges before us conservatively and responsibly.” Legislator Joseph Castellano added, “There are many challenges ahead, but this rating by Moody’s Investment Service indicates that Putnam County continues to make good financial decisions that will allow the taxpayers of Putnam County to save tax dollars.”