Results of the meeting are expected in one to two weeks and will help to guide Colonie's officials toward a solution. Blair notes that the meeting with Moody's is not going to be a final solution, but a part of the larger whole that will remedy the town's monetary concerns.
"It was something we felt we should do to get the bond ratings," said Blair.
The February audit report issued by State Comptroller Thomas DiNapoli placed the Colonie Deficit at approximately $18 million.
Moody's ratings are used to determine the level of credit risk a corporation, municipality, or other entity represents. Colonie's "Baa1" rating indicates that the town, while not a great risk, may be lacking fiscal protective measures of longer periods of time.""