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The rating indicates Putnam’s debt obligations are judged to be “of high quality and, therefore, subject to very low credit risk.”
According to Odell, the achievement comes after the county’s recent $4.2 million bond sale, which will fund renovations to Tilly Foster Farm, various highway and bridge improvements and a number of highway equipment purchases.
“Our strong bond rating will allow the county to finance these capital projects at a low interest cost, saving our taxpayers money,” Odell said in the statement.
William J. Carlin Jr., the county's commissioner of finance, said Moody’s cited Putnam’s “solid financial operations,” while deciding the Aa2 rating and urged fiscal discipline in the upcoming budget process.
“The 2017 county budget process will be very challenging,” Carlin said. “We have to deal with a property tax cap of approximately one-half of 1 percent while costs relating to federal- and state-mandated programs will consume more than the entire tax cap. We must remain vigilant in balancing our fiscal and social responsibilities to the people of Putnam County.”
According to Odell’s statement, Legislative Chairwoman Ginny Narcerino and Legislator Joseph Castellano also used the occasion of the rating to call for fiscal discipline in the coming months.
“Notwithstanding the stringent tax cap, we will continue to meet the challenges before us conservatively and responsibly,” Narcerino said.
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