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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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Government

Rep. Mondaire Jones on Build Back Better Act

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Congressman Mondaire Jones (D-NY) released the following statement:

“Today is an historic day for our nation, and for the great people of Westchester and Rockland Counties. Thanks to the leadership of progressives—who insisted on passing not just the bipartisan infrastructure bill, but also the larger Build Back Better Act—the House passed the most significant investment in our nation and our people in more than half a century.

The bill will guarantee that high-quality child care is affordable for every family in America; save the planet from climate catastrophe while creating millions of good-paying, union jobs; expand Medicare to include hearing; continue to cut child poverty in half through an extension of the expanded Child Tax Credit; make an historic investment in housing affordability; lift the cap on the State and Local Tax deduction that has unjustly burdened working families in Westchester and Rockland; and so much more.

I’m especially proud that this bill contains key provisions that I led the fight to secure: universal child care and an increase in the SALT deduction cap to $80,000.

This victory is a testament to the strength and tenacity of the Congressional Progressive Caucus, of which I’m proud to be a Deputy Whip, and which held the line throughout this process to ensure we passed a bill that meets this unprecedented moment of overlapping crises.

We in the House have done our job, and now our colleagues in the Senate must do theirs. I look forward to President Biden making good on his promise to secure 51 votes for the Build Back Better Act in the Senate expeditiously so we can get this bill onto his desk and begin delivering the change people in Westchester, Rockland, and across America need and deserve. The American people are counting on us to deliver, and we must do so without delay.”

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Government

End of the Village of South Nyack: Village Hall is Up For Sale

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End of the Village of South Nyack: Village Hall is Up For Sale.

 

After a referendum, residents of South Nyack voted to disband and join the Town of Orangetown.

This article will be updated when a price is listed for the Village Hall.

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