Clarkstown Recognized for Fiscal Strength by Standard & Poor's
Rockland Daily Staff
The Town of Clarkstown was recognized by the credit rating
agency Standard & Poor's, and the state comptroller's office for its
continued fiscal strength reaffirming Clarkstown's "AA" bond rating
and allowing for a stable financial outlook for the town.
This is a real step up as, since 2017, Clarkstown has been designated as fiscally stressed. The comptroller's press release for 2021 removed the town from the list. Now Standard & Poor has reflected that the positive change is due to the Town of Clarkstown's "management's commitment to growing revenue and ongoing expenditure control underpin the significant improvement in reserves and ongoing strong, in our view, budgetary performance."
In addition, the change was warranted as "Clarkstown continues to see commercial, retail growth with new and existing companies expanding or opening in previously vacant or underused spaces. The town anticipates additional residential development will continue to attract new residents and underpin our expectation that the local economy will likely continue to grow and stabilize overall credit quality."
According to Patch, Clarkstown Supervisor George Hoehmann says that Clarkstown's finances have never been in any better shape and that he's immensely proud of the progress made over the past six years.
Despite high-interest rates, Hoehmann says Clarkstown is well positioned to acquire lower interest rates than other borrowers delivering real value to Clarkstown taxpayers.