Rockland County Completes Deficit Bond Payments

ROCKLAND COUNTY, NY — Rockland County has made its final payment on the $96 million it borrowed through the sale of bonds to cover its massive deficit from a decade ago.

In 2014, the county was $240 million in debt and running a deficit that hit $138 million. Between 2012-14, Moody's revised its outlook to "negative" and the county's credit rating stood only one level above junk bond status. Rockland was rated the state's most fiscally-stressed county.

SEE:

• Rockland County's Fiscal Crisis Takes Center Stage
• Rockland $723M Budget Plan Includes 326 Layoffs
• Governor Signs Bill Allowing Rockland To Borrow $96 Million
• Rockland 2012 Deficit Could Top $111 Million

Wednesday, County Executive Ed Day and Deputy Budget Director Steve Grogan said they were proud to let residents know that the county made the final payment to the $96 million deficit bond on Friday.

Day said his administration will continue to practice the conservative budgeting and careful expenditure controls on which he campaigned successfully in 2013.

"When I was first elected to serve as County Executive, the New York State Comptroller’s Office listed Rockland as the most fiscally stressed County in the entire state and our bond rating was one step above junk status," Day said. "This achievement reaffirms Rockland becoming one of the fiscally strongest counties in the entire state, transforming from worst to first."

Grogan pointed out that the county's bond credit rating now is one grade away from being the best in the state.

SEE:

• Rockland Achieves Another Remarkable Bond Rating
• Back From The Bottom: Rockland Bond Rating Rises Again

"This is an important day for the County and its reputation," Grogan said. "I thank all our employees and taxpayers for their continued confidence in our administration and our joint efforts to keeping our County prosperous and sound."