Westchester County Gets Negative Outlook From Moody’s

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Moody’s Investment Services maintained Westchester County’s Aaa bond rating, but gave the state’s third largest county a negative outlook, saying it reflects the county’s structural imbalance “in prior years.”

The rating was on the county’s $987.7 million of general obligation debt and upcoming bond sales.

“The negative outlook reflects the county’s structural imbalance in prior years that has driven reserve declines which may limit the county’s financial flexibility and ability to respond to mid-year revenue or  expenditure fluctuations,” Moody’s said.

“In the event of additional future draws on reserves, the county’s financial flexibility could become out of line with similarly rated counties that rely on economically sensitive revenues.”

Moody’s, however, did say the county is taking positive steps to right its finances.

“The Aaa rating reflects the county’s substantial, wealthy and diverse tax base, average and manageable debt burden, and currently adequate financial position that has narrowed over the last several years,” it wrote.

Westchester County Executive Robert Astorino has preached fiscal austerity since winning election in 2009. He will put out his 2013 budget by Nov. 15, and he has vowed to not increase taxes in a county that has the highest property taxes in the nation.

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8 Comments

  1. The irony is that if Spano or some other Democrat were still in the CE office, he/she would just raise our already nation leading taxes again and Moody’s would give us a more positive outlook.

  2. it's the school taxes stupid on

    While I am not thrilled with any tax increase, let’s put the bulk of the blame as to why westchester is the highest taxed county in the USA where it belongs, on the school districts and the stupid parents who have voted to pass the budgets year after year without any concern for the obvious consequences. That’s where 80% of my property taxes go. The 15% I pay in county taxes is peanuts in comparison.

    While, Astorino may have helped me save a couple of dollars since he has been in office, my school district and the greedy parents took hundreds more during the same period. What’s screwed up is that it is usually these same parents, some with 2-3 kids in our schools, who I find are the first to complain about “westchester’s high taxes.”

  3. Bone up! You don’t get it. Electing people like Astorino ALL OVER THE PLACE is the answer to all of your complaints. I’ve heard your simplistic point of view expressed a thousand times. You and they are right, as far as your sophomoric minds can travel, but you fail to take the discussion to the logical end. OUT with the big spenders, everywhere!

  4. it's the school taxes stupid on

    Simplistic? Sophomoric? Talk about hearing something expressed a thousand times. I guess your thesaurus button isn’t working. Anyway, it’s a fact that bobby has saved me just enough to go to the movies and brags like he saved me a grand. As for voting in hypocrites like asstorino everywhere that’s a FANTASY by neocon losers like yourself that will never come to fruition. Maybe you should move to a nice red state like nebraska. Given the obvious coldness though, perhaps alaska would be more fitting. In the meantime, don’t you have a klan rally to attend today?

  5. I like it fine right here in Westchester where we have a Republican County Exec and where people are smartening up as to who has brought this County, State, and Nation to its fiscal knees. Next are the hypocritical school boards who spend billions, educate few, and tell us they need more money “for the children.” Jejune! You like that word better, Horatio?

  6. just the facts on

    its the school taxes stupid doesn’t get it..it is not relevant to quantify whether or not rob
    astorino has ‘SAVED'; you money..what is relevant is that he is doing everything he can unlike
    his predecessor to make sure that the county portion of your tax bill does not GO UP…
    andy spano and his super majority didn’t care about that they simpy spent themselves into oblvion and gave the unions whatever they wanted…the point made by water closet is that
    all of the country elected officials are recognizing that the pension deals they made are
    unsustainable and that spending has to be controlled…i am sure you can add so you must
    realize that about 18% of your total tax bill is county and of that 80% is state mandated
    so that rob astorino actually controls about 4 or 5 % of your tax bill…all the rest is local
    town and village and school taxes…so stop offering a red herring argument..astorino is
    demonstrating that a responsible county executive seeks to control spending and does his
    part to hold the line on taxes…why don’t you ask paul feiner why greenburgh taxes have
    quadrupled over the past few years.

  7. Feiner will let seniors work off their $25,000 yearly school and property taxes at the library for $6 an hour. If you work there full time through 2013, you can pay off half of your in- arrears 2010 taxes.

  8. just the facts on

    feiner is not a manager..he is someone who has no clue about the burden that local
    taxes place on the residents of the town of greenburgh…and if those taxes go up any
    further the houses will be unsaleable