Citing “Strong management, with good financial policies and practices,” S&P once again reaffirms Ulster County’s ‘AA’ Bond Rating
In September, the NYS Comptroller’s Office said Ulster County is tied for third among New York State’s 62 Counties for Fiscal Stability
Last month, County Executive Pat Ryan again proposed a budget that includes a zero percent tax increase while maintaining and enhancing critical services
KINGSTON, N.Y. – Ulster County Executive Pat Ryan announced today that Ulster County’s credit rating remains strong at AA in the most recent October ratings by S&P Global citing “strong management, with good financial policies and practice.” Coming off of County Executive Pat Ryan’s 2022 Executive Budget proposal that included a zero percent tax increase, this credit rating reaffirms the county’s ability to respond to the pandemic and economic pressures while continuing to provide superior services for residents.
“I can confidently say that Ulster County is on the strongest financial footing it has been on in well over a decade,” Ulster County Executive Pat Ryan said. “Once again, S&P bond rating reaffirms the strong financial footing Ulster County has in protecting and delivering results for our residents. As County Executive, I am committed to providing high-quality services for our residents while also ensuring the highest level of fiscal responsibility. Our 2022 Executive Budget does just this by again keeping taxes flat while making critical investments in mental health and addiction recovery services and addressing the urgent need for housing.”
S&P cites a number of reasons for their rating, including the County’s strong management with good financial policies, strong budgetary performance with operating surpluses in the general fund, and strong budgetary flexibility. Ulster County’s continued strength in the eyes of bond rating agencies is a direct benefit to taxpayers in the form of lower borrowing costs. In September, the New York State Comptroller’s Office (OSC), announced that Ulster County is tied for third among New York State's 62 Counties for Fiscal Stability. OSC issued Ulster County’s 2020 overall fiscal stress score of 6.7 out of 100. The score signifies there is no designation or no current fiscal stress score for the County.
Last month, County Executive Pat Ryan unveiled his 2022 Executive Budget. At $351.1 million, his 2022 budget again includes a 0% increase in the tax levy and proposes no layoffs; in fact, returning County staffing to 2019 levels after last year’s retirement incentive. Ryan highlighted a series of initiatives focused on re-investing in mental health and addiction recovery services, dedicating resources to build a more equitable economy, and addressing the urgent need for housing as Ulster County builds for future generations.