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This makes for the 10th consecutive bond upgrade since 2014 when the Rockland County had a $138 million deficit and its bonds were rated just above junk, officials say.
Ultimately, the upgraded ratings mean that Rockland County can borrow money to fund capital projects at a lower cost, saving taxpayer dollars.
“This upgrade shows that the difficult choices we made in the past are being noticed and paying dividends for our residents,” said Day. “I vowed to restore Rockland to a position of fiscal responsibility and strength; through conservative budgeting and strict fiscal discipline we are making progress.”
The recently released 2018 Comprehensive Annual Financial Report showed a positive unassigned fund balance or surplus of $32.2 million in the County’s General Fund, officials say. The report gave Rockland a positive outlook, citing its “improved financial resilience.”
“The upgrade to “A” from “A-“ is reflective of the county's improved financial resilience following consecutive years of surplus resulting from gradual increases to revenues and the implementation of various operational improvements to minimize expenditure growth over time,” read the report.
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