Third Consecutive Year Receiving Fiscal Stress Score of “0” Supports Recent Credit Upgrade to A3 by Moody’s
City Manager Todd Venning announces the City of Newburgh has been issued a fiscal stress score of “0” from the Office of the State Comptroller for the third consecutive year. This key state assessment of fiscal health for local governments confirms recent analysis issued by Moody’s Investment Services that upgraded the City of Newburgh’s credit rating to A3 from Baa2.
The Comptroller’s Press Release notes the OSC Fiscal Stress Monitoring System “evaluates local governments on financial indicators including year-end fund balance, cash-on-hand, short-term borrowing, fixed costs and patterns of operating deficits and creates fiscal stress scores.”
The Comptroller’s Office also lowered the City of Newburgh’s “environmental stress” score for the third consecutive year. Environmental stress captures a comprehensive view of local economic conditions such as unemployment, household income, strength of taxbase, and municipal budgeting practices. The recent Moody’s analysis also cited Newburgh’s strong financial management in issuing its highest governance rating of G1 - including its highest ratings for Institutional Structure, Policy Credibility & Effectiveness, and Budget Management.
City Manager Todd Venning: “The City of Newburgh has now received the State Comptroller’s top score for municipal fiscal health the last three years, and at a time when fiscal stress in other cities continues to increase. The Comptroller’s finding confirms the recent analysis by Moody’s Investment Services that upgraded the City of Newburgh’s credit rating to A3 from Baa2 with its highest Governance rating. In partnership with Mayor Harvey and the City Council, this administration will continue to undo decades of mismanagement and keep Newburgh on the pathway of progress.”
To Read about the State Comptroller’s Fiscal Stress Scores: https://www.osc.state.ny.us/press/releases/2022/09/dinapoli-releases-fiscal-stress-scores
Previously: “Moody's Upgrades City of Newburgh Credit Rating to A3 from Baa2”