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Town of Ramapo Receives A+ Rating From S&P, Signals Strongest Fiscal Health in Years

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SUFFERN, NY – Ramapo Town Supervisor Michael Specht announced that Standard and Poor (S&P) Global Ratings, one of the nation’s leading credit rating agencies, assigned a long term, underlying credit rating of “A+” with a stable outlook to the Town of Ramapo, demonstrating a significant turnaround to the Town’s fiscal health.

The report stated that “After a finding of fraud by the SEC in 2017, Ramapo was faced with remaking its financial team and processes. In addition to rebuilding finances, the [Town’s] new management team worked to restore confidence in Ramapo’s overall reporting and transparency of financial information.”

The report went on to say the A+ rating reflects S&P’s assessment of Ramapo’s strong economy, an operating surplus in its general fund, and very strong liquidity. The A+ rating also comes at a time when most sectors of the nation’s economy received a downgrade due to the impact of the COVID-19 pandemic.

“We are gratified that the hard work done by my administration over the past 3+ years and the resulting strong financial performance has been recognized by S&P,” said Town Supervisor Michael B. Specht. “An A+ credit rating will significantly and immediately reduce the Town’s borrowing costs and allow us to fund needed capital improvements.”

The town’s announcement comes just weeks after the Office of the New York State Comptroller released its annual list of Municipalities in Financial Stress. The Town of Ramapo was no longer included on the list as it had been in prior years.

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Events

Town of Clarkstown 9/11 Remembrance Ceremony

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Town of Clarkstown 

                                                   9/11 Remembrance Ceremony

                                                   Monday, September 11, 2023

                                                                Town Hall

                                                     10 Maple Ave, New City

                                                                5:00pm

                                       Please join us as we reflect 22 years later. 

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Government

Senator Weber Hosting Senior Fair at RCC Fieldhouse on September 14

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SUFFERN, NY – Senator Bill Weber will be holding a Senior Fair at the RCC Fieldhouse. It’s an excellent opportunity for Rockland County seniors to interact with dozens of vendors who offer many benefits for our senior population.

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