Broome County Finances Gets A+ Rating From S&PPosted: Updated:
Broome County Executive Jason Garner announced the S&P Global Ratings has affirmed its A+ long-term bond rating on the county during a press conference Friday afternoon.
In its analysis, the S&P Global Ratings cited in part to the County Executive's actions to improve county finances. Garner did not mention any specific action or go into detail about which budget practices the agency was referring to.
Garner says this affirmation "shows that broome county is moving in a positive direction with our finances. But we are definitely not out of the woods yet."
During the press conference, Garner expressed he's optimistic with the direction of where county finances are headed, after noting that the controller's office has designated Broome County as being in significant fiscal stress for the last three years
However, the Broome County Legislature wasn't surprised by the agency's rating of the county.
“I said right all along that I thought the county finances were in pretty good shape and that, although we’d like to see a larger fund balance if we could, we’re in pretty good shape financially and this is just further indication that we’re on the right track."
— Daniel J. Reynolds, Chairman of the Broome County Legislature
Though not surprised by the report, Reynolds says that the legislatures office hasn't even seen the report since it's still being withheld by County Executives. According to the chairman, legislatures still haven't received the fund level balance from the county.
Garner said the county will be releasing the fund level balance in the coming weeks.