City Manager Todd Venning announced the City of Newburgh has been issued a fiscal stress score of “0” from the Office of the State Comptroller for the third consecutive year. This key state assessment of fiscal health for local governments confirms recent analysis issued by Moody’s Investment Services that upgraded the City of Newburgh’s credit rating to A3 from Baa2.
“The City of Newburgh has now received the State Comptroller’s top score for municipal fiscal health the last three years, and at a time when fiscal stress in other cities continues to increase,” said City Manager Todd Venning in a prepared statement released Monday afternoon. “The Comptroller’s finding confirms the recent analysis by Moody’s Investment Services that upgraded the City of Newburgh’s credit rating to A3 from Baa2 with its highest Governance rating. In partnership with Mayor Harvey and the City Council, this administration will continue to undo decades of mismanagement and keep Newburgh on the pathway of progress.”
The Comptroller’s Office also lowered the City of Newburgh’s “environmental stress” score for the third consecutive year. Environmental stress captures a comprehensive view of local economic conditions such as unemployment, household income, strength of tax base and municipal budgeting practices. The recent Moody’s analysis also cited Newburgh’s strong financial management in issuing its highest governance rating of G1 - including its highest ratings for Institutional Structure, Policy Credibility & Effectiveness, and Budget Management.
State Comptroller Thomas DiNapoli released his findings last week. The report noted that 20 local governments in New York State ended their fiscal year 2021 designated in some form of fiscal stress, down from 30 a year ago. At that top of that list was Poughkeepsie, the only municipality to experience significant fiscal stress, with a fiscal score of 71.7