A major credit rating agency has upgraded the financial outlook of one of New York’s counties.
Moody’s Investors Service has improved it financial outlook for Rockland County, from negative to stable. The revision comes after Governor Andrew Cuomo signed a Deficit Financing Act for the county, which allows Rockland to borrow up to $96 million to pay down its deficit, which will be repaid incrementally over the next ten years. As a condition of the plan, county budgetary issues will be subject to review by the state comptroller’s office. Moody’s cited the act as one of the county’s financial strengths, along with its sizeable tax base. State Senator David Carlucci, an Independent Democrat whose district includes much of Rockland, called the upgrade good news for the county’s taxpayers, and the start of a long process to get Rockland County back on the right financial track.
