BINGHAMTON, N.Y. — Moody’s Investors Service has upgraded Broome County’s financial rating — to A1, from A2 — for the first time since 2011.
In its report, Moody’s cited the county’s growing tax base and the elimination of cash-flow borrowing as primary reasons for the increased designation, along with the county government’s management decisions leading to financial performance and stability.
“Monday’s announcement shows that the work we’ve been doing in Broome County is helping to build a strong economy,” Broome County Executive Jason Garnar contended in a press release. “By prioritizing responsible budgeting, cutting taxes five years in a row, eliminating short-term borrowing, and making smart investments in the community, we are now in one of the best financial positions in Broome County in a generation.”
The Moody’s upgrade comes on the heels of Broome County receiving its highest fiscal stress score from the state. In September, the comptroller’s office issued a score of 6.3 out of a possible 100 to the county, which correlates with a “no designation” for fiscal stress.