County Executive Steve Bellone today announced the results of the New York State Comptroller’s fiscal stress report confirming the County’s fiscal stability. The report states that the County is no longer under fiscal stress. The County received a stress designation of “no designation”, the highest category you can achieve.
This latest development follows last month’s double bond rating upgrade from credit rating agency, S&P Global Ratings. The rating agency upgraded the County’s bond rating two notches to an A+ with a stable outlook. The last time Suffolk County was A+ Stable with S&P was June of 2012, just before Superstorm Sandy devastated municipalities across the region.
“The State Comptroller’s report is a clear indication that the County has been making the right fiscal decisions, including our long-term plan to shore up Suffolk County’s finances for years to come,” said Suffolk County Executive Steve Bellone. “This is no coincidence – working together with the County Legislature and County Comptroller to implement sensible fiscal reforms and make tough decisions to protect taxpayers continues to move County finances in a positive and sustainable direction.”
Suffolk County Legislature Presiding Officer Kevin McCaffrey said: "The County's improved fiscal stability rating is the result of responsible bi-partisan decision making. The emergency assistance to the County provided by House Majority Leader [Sen.] Schumer in response to the pandemic showed a commitment from all levels of government. It has allowed us to reduce our costly debt service, minimize short term borrowing, and we've closed budget gaps without diminishing services to the residents of Suffolk County.”
Suffolk County Legislature Minority Leader Jason Richberg said: "Over the past 2 years the legislature has made a concerted effort to help strengthen the county's financial stability, and today's announcement is a big step in the right direction. I look forward to continuing our bipartisan push to keep on the fiscally sustainable path we've laid. Thank you to County Executive Bellone for all of his work and support."
The County’s fiscal score improved by nearly 45 points compared to the previous year, and 54 points from the year prior. The score reflects the significant steps the County has taken to improve Suffolk’s finances including continued government efficiency, fiscal discipline, operational reforms and building reserves that protect taxpayers and provide a cushion against future economic downturns and unanticipated events.
Over the course of the last two years, Suffolk County has taken several steps to mitigate the financial emergency caused by the COVID-19 pandemic and protect taxpayers. In last year’s operating budget, adopted unanimously by the Legislature, Suffolk froze the County Tax for the tenth year in a row and included several important financial measures including increasing reserves to the highest level in County history.
These fiscally responsible actions are helping lower debt service costs and eliminated the need for short-term borrowings, both of which will ultimately save taxpayers tens of millions of dollars. All of these efforts have been recognized by the New York State Comptroller's office by his upgraded designation into the no fiscal stress category.
Working together with the Legislature and the County Comptroller, County Executive Bellone was able to take the steps necessary to improve the County’s financial standing and eliminate both the deficit and the structural budget gap. The County consolidated
departments, worked with labor unions to obtain significant healthcare expense savings and implemented best practice financial reforms and performance management measures to make government more efficient.
“We are also grateful to Senator Chuck Schumer, the leader of New York State’s congressional delegation and the Majority Leader of the United States Senate for all his efforts to provide emergency assistance to the state and local governments on the frontlines responding to the COVID-19 Pandemic,” County Executive Bellone said.