Westchester County has been notified by Fitch Ratings that the County’s financial outlook has been revised to stable, with the County’s ODR & GO Bonds rated at AA+. The AA+ IDR and GO ratings reflect the County’s strong underlying revenue growth, and significant ability to implement policy decisions that would close budget gaps, raise revenues, reduce spending and maintain a very high financial resilience. The revision of the outlook to Stable reflects Fitch’s expectations that the County will maintain its improved financial resilience over time, based on recent financial actions that have significantly bolstered general fund reserves.
Westchester County Executive George Latimer said: “We inherited a financial mess when my administration first took office nearly four years ago, but we have been fighting tirelessly, year after year, to fix it. It is no secret that the County also saw serious fiscal stress as a result of the COVID-19 pandemic, but we are making great strides. The numbers say it all – we are moving in the right direction to reestablish the County’s financial footing to what it once was. We are saving valuable dollars at every turn, accumulating reserve funds, and strengthening our local economy, all while cutting taxes two years in a row. We will not rest until we see the County’s AAA bond rating restored.”
In the report, Fitch highlighted the County’s strong regional economy, resident income levels ranking well above the New York State and national averages, unemployment rates that have trended downwards, and an uptick in residential and commercial development including in the communities of Yonkers, New Rochelle, Tarrytown and Sleepy Hollow. It also anticipated that the County’s financial reserves, which are a key component of its overall financial resilience, would remain very strong based on the County’s ability to manage throughout the pandemic without related economic disruption.
Latimer concluded: “My goal is to have the AAA bond rating back before I leave office. And – I know we will get there, together.”