Clarkstown Credit Rating Stabilized

NEW CITY, NY - After suffering two credit downgrades in previous years, Clarkstown's credit rating has stabilized according to the latest rating by Standard & Poor’s, town Supervisor George Hoehmann announced.

“I am proud that Standard and Poor’s recognizes our efforts to turn the tide,” Hoehmann said in his statement. “We have proven that the era of business as usual in Clarkstown is over and the era of reform has begun.”

Standard & Poor's Ratings Services assigned its 'AA+' long-term rating to Clarkstown's series 2016 general obligation (GO) refunding bonds and affirmed its 'AA+' long-term rating on the town's outstanding GO debt.

The rating reflects Standard and Poor’s view that “the town has a newly elected Supervisor and its financial management team has made reducing expenditures a priority, by freezing vacant positions, reducing the workforce, and streamlining operations, among other actions."

See the full S&P report on the town's website by clicking here.

Hoehmann pointed out that since taking office in January he has cut more than $1 million in salaries in part by eliminating staff in the Supervisor’s Office and Town Attorney’s Office as well as reducing salaries for the Assessor and Comptroller. In addition, he has initiated reviews of town government to look for efficiencies.

Clarkstown's staffers are the second-highest paid town employees in New York, according to the Empire Center's report for 2015.

Standard and Poor’s also reported “we do not expect to change our rating within the two-year outlook period.”