Clarkstown Recognized For Fiscal Strength By Standard & Poor's

NEW CITY, NY — The town of Clarkstown was recognized for continued fiscal strength by Standard & Poor’s and the state comptroller’s office.

Clarkstown Supervisor George Hoehmann recently announced that the credit ratings agency Standard & Poor’s reaffirmed the town’s “AA” bond rating while maintaining the town’s financial outlook as “stable.”

The review comes on the heels of the New York State Comptroller’s office removing Clarkstown from its “susceptible to fiscal stress” designation as part of its statewide Fiscal Street Monitoring system.

The town had, in varying degrees, been designated as fiscally stressed since 2017. The comptroller’s press release for 2021 removed the town from the list.

S&P cited Clarkstown “management's commitment to growing revenue and ongoing expenditure control underpin the significant improvement in reserves and ongoing strong, in our view, budgetary performance,” as well as their view that “Clarkstown continues to see commercial, retail growth with new and existing companies expanding or opening in previously vacant or underused spaces. The town anticipates additional residential development will continue to attract new residents and underpin our expectation that the local economy will likely continue to grow and stabilize overall credit quality.”

S&P’s review of Clarkstown’s finances comes in advance of the town’s issuance of $16.4 million in General Obligation public improvement serial bonds.

Hoehmann said Clarkstown’s finances have never been in better shape, and he’s immensely proud of the progress that made in the past six years.

“The recognition of our positive fiscal trajectory by the New York State Comptroller’s Office and Standard & Poor’s is proof of this accomplishment,” he said. “S&P’s continued optimistic outlook of the town’s finances and recognition of its rock solid economic foundation in particular is great news.”

At a time when interest rates are being driven higher due to inflation, Hoehmann said Clarkstown is well positioned to secure lower interest rates than many other borrowers are able to, which delivers real value for Clarkstown taxpayers today and into the future.

“I remain committed to financing infrastructure projects that enhance the quality of life for Clarkstown residents and businesses,” he said.