For More Information Contact:
Colleen Pillus, (845) 486-2000
Poughkeepsie, NY… Standard & Poor’s (S&P) Rating Services has reaffirmed Dutchess County Government’s strong AA+ bond rating, the highest S&P rating among New York State county governments. Standard & Poor’s issued the bond rating, with a stable outlook, as the County prepares to issue bonds to fund various capital improvement projects approved by the County Legislature, including bridge reconstruction and highway improvements, equipment and vehicle purchases, building repairs, various projects at Dutchess Community College, acquisition of the Lake Walton Preserve as well as new voting machines.
“We have worked diligently to earn and maintain our enviable AA+ bond rating, S&P’s highest rating for any county government in New York State, ” said Dutchess County Executive Marcus J. Molinaro. "Our conservative budgeting practices and strong focus on economic growth is paying dividends for our taxpayers, not only securing our advantageous bond rating, but also providing consecutive year tax cuts for the past several years, ensuring stability for the residents and businesses who call Dutchess County home."
Dutchess County had multiple strengths noted by S&P in their report reaffirming the AA+ rating, including:
S&P pointed to Dutchess County’s strong budgetary performance as a critical factor in the continued positive rating. Dutchess County’s sales tax revenue remained strong in fiscal 2018, and represents 40% of the County’s revenues. Additionally, S&P noted the County’s conservative budgeting practices and close monitoring of the budget, allowed savings to be realized across the board on expenses. This combination of strong revenue and conservative expenses allowed for the County to double its tax rate reduction for 2020, lowering the property tax rate to $3.26, which was the 5th consecutive property tax rate decrease.
Standard & Poor’s full report is available online.
County Executive Molinaro will highlight the County’s strong bond rating and other successes, as well as look ahead to what’s next for the County, on Thursday, February 20th, at his 2020 State of the County Address, which will be held at 5:30 p.m. at the Culinary Institute of America’s Marriott Pavilion, located at 1946 Campus Drive in Hyde Park. Residents can still RSVP for the State of the County address at www.dutchessny.gov/rsvp or by calling (845) 486-2000.
