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Thursday, nov 7
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Moody's
News
'Financial Resilience': Westchester County's Bond Rating Outlook Upgraded By Fitch Ratings
Westchester County's bond rating outlook has been upgraded by Fitch Ratings, a reflection of the county's "improved financial operations," officials said. The county's bonds have been assigned an "AA+" rating by Fitch, and the county's rating outlook has been upgraded to "positive" from "stable," according to an announcement by county officials from Monday, Nov. 21. "This is all done by good strategic planning and budgeting, we have increased the county’s unrestricted general fund balance, bolstering the County's overall financial resilience," said Westchester County Execut…
Politics
After Weeks Of Consternation, Mount Vernon City Council Approves 2019 Budget, Again
After seeing their approved budget vetoed, the Mount Vernon City Council pulled a veto of their own, overriding Mayor Richard Thomas’ veto and passing a $112 million with a near 2 percent rise in taxes. The City Council voted four to one on Wednesday night to uphold a budget that was passed earlier this month, despite protestations and dissent from Thomas. The newly approved spending plan will see the average taxpayer spending approximately $77 more this year. The passage comes after weeks of contention between Mount Vernon Mayor Richard Thomas, Comptroller Deborah and the City Council over …
Business
Fashion Retailer Charlotte Russe To Close Stores In Westchester, Rockland
Another traditional brick-and-mortar retailer will soon be shuttering its doors in the Hudson Valley. Charlotte Russe Holding Corp., which operates Charlotte Russe, a fashion brand for females filed for Chapter 11 bankruptcy protection over the weekend, impacted local stores. The company announced that it is planning to close 94 stores, including locations at the Jefferson Valley Mall in Yorktown Heights and Rockland Plaza on Route 59 in Nanuet. The stores at the Galleria Mall in White Plains and Palisades Center in West Nyack were not on the initial list of locations closing. Charlotte Ru…
News
Will Westchester Residents Soon Be Paying Higher Sales Tax?
Despite already being one of the more heavily taxed counties in the country, Westchester homeowners and shoppers may soon see a hike in sales tax. Westchester officials are reportedly hopeful that the state will approve an increase in local sales tax which could help steady the county’s finances. However, according to a lohud report, no formal request has been made, and it is unclear how much taxes may be increased. The report states that Westchester County Executive George Latimer plans to first reach out to area business owners before he makes his formal case to New York State offici…
Business
Netflix Hiking Prices For 58M US Subscribers
Streaming shows and movies are about to get more expensive for more than 55 million Americans. For the second time in two years, Netflix announced that it will be raising subscription prices in the United States, affecting an estimated 58 million customers. Netflix’s basic standard definition plan is going up from $8 to $9 a month, its standard HD plan is going up from $11 to $13 a month, and its premium 4K plan is going up from $14 to $16 a month. The basic plan lets users stream one show or movie on a single device at a time in standard definition; the standard plan allows users to…
Business
Westchester County Loses AAA Credit Rating
Westchester’s financial report card saw its credit rating cut one level by two prominent agencies. Westchester County was notified by S&P Global Ratings and Fitch Ratings that the county’s financial outlook has been downgraded to AA+. Moody’s assigned Aa1 to Westchester, officials announced on Tuesday afternoon. The county has now lost its AAA rating - the highest ranking available - in each of the Big 3 rating agencies. Bloomberg News cited Westchester's move to "draw down its cash reserves to cover retroactive raises given to government employees" as the primary reason fo…
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