Broome County has been designated with its best financial rating in a dozen years. Moody’s Investors Service announced Monday that it has upgraded the County’s rating to A1. Since 2011, Broome County had a rating of A2 from the international financial research institution.
“Monday’s announcement shows that the work we’ve been doing in Broome County is helping to build a strong economy,” said Broome County Executive Jason Garnar. “By prioritizing responsible budgeting, cutting taxes five years in a row, eliminating short-term borrowing, and making smart investments in the community, we are now in one of the best financial positions in Broome County in a generation. Thank you to the County Legislature and our Budget Director for all their work that helped lead to this upgraded designation.”
"Monday's news by Moody's that our financial rating has been upgraded again is great news for the taxpayers of Broome County," said Broome County Legislature Chairman Dan Reynolds. "The Legislature will continue to work with the County Executive and Office of Management and Budget to build on our previous successes of cutting property taxes and eliminating short-term borrowing so that Broome County will remain strong financially."
In its report, Moody’s cited the County’s growing tax base and the elimination of cash flow borrowing as primary reasons for issuing the A1 designation. Additionally, the Moody’s attributes the higher rating directly to the work of Broome County’s government with the report saying “governance is a driver for the rating as management decisions are a key determinant of financial performance and stability.”
Moody’s upgrade of the County’s financial rating comes on the heels of Broome County’s highest fiscal stress score in history. In September, the New York State Comptroller’s Office issued a score of 6.3 (out of 100) to the County, which correlates with “no designation” for fiscal stress – the best possible classification.