Wednesday, November 28, 2018
WESTCHESTER LOSES AAA RATING AFTER DRAWING DOWN RESERVES TO COVER RETROACTIVE GOVERNMENT EMPLOYEE RAISES
(Bloomberg) -- New York’s Westchester County, home to the wealthy
suburbs of Scarsdale and Bronxville, lost its AAA grade from S&P
Global Ratings Inc. and Fitch Ratings after drawing down its cash
reserves to cover retroactive raises given to government employees.The
county, which borders New York City to the north, had its grade cut one
level by both companies Tuesday to AA+. S&P said there’s a
one-in-three chance that it will downgrade the county’s bonds again in
the next two years as the government contends with budget shortfalls,
given how "narrow" its reserves were at the end of the 2017 budget year. MORE HERE.
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so why did we do that?
ReplyDeleteThis is only the beginning...The current board has their heads in the sand when it comes to fiscal restraint. The mayor happily reports that we are in good shape...REALLY? We are the most indebted village in the state based on our size. 1 Million dollars a year in debt service on 36 million in debt with this board looking to borrow another 4 million...INSANITY. Too much time on national social issues and very little locally in terms of governing. ARE ANY OF YOU OUT THERE LISTENING? THIS BOARD ISN'T.
ReplyDeleteSO YOU GAVE RETROACTIVE PAY RAISES. WHAT A SURPRISE. GOT TO GET THOSE VOTES!
ReplyDelete