County Executive Jason Garnar says Broome’s fiscal situation is getting better.
Garnar held a news conference Friday afternoon to announce the latest S&P Global Rating for Broome County’s bonds.
Garnar says the county has an A+ rating for long term bonds with a stable outlook.
He credits the rating with work he’s done to raise the county’s fund balance which he previously had stated hovers around $250,000 dollars.
Efforts include initiating a hiring freeze and challenging departments to do more with less.
He says S&P would’ve dropped our the county’s rating if he didn’t take action.
“If we did not take action last year and this year to improve the fund balance and the county’s fund balance and fiscal situation, there’s no doubt that S&P would have downgraded us. I want to be clear on what a downgrade would be. That would mean taxpayers would have to pay more money,” said Garnar.
Garnar says a downgrade would cost taxpayers if the county were to bond money for infrastructure projects and receive a high interest rate.
Broome County Legislative Chairman Dan Reynolds, who has long-criticized Garnar for not releasing the county’s true fund balance says he’s pleased to learn that the county continues to have strong bond ratings.
Garnar says he will disclose the fund balance amount in a few weeks.