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S&P upgrades Colonie’s bond rating

Jan 21, 2019 Jim Franco Business, Colonie, Government, News, Towns


S&P upgrades Colonie’s bond rating


COLONIE — S&P upped the town’s bond rating from an “A” to an “A+” with a positive outlook.

“The rating action reflects our opinion of the steps the town has taken to improve its finances, as well as its ability to achieve positive operations over the past six fiscal years,” said S&P Global Ratings credit analyst Steven Waldeck in a statement. “And the positive outlook reflects our view that Colonie’s budgetary flexibility will continue to improve due to an expected windfall payment from the town’s private landfill operator, boosting its available fund balance, which has grown to $687,000 in fiscal 2017 from a negative $348,000 in fiscal 2011.”

While strides were made, the “rating continues to reflect our view of the tow’s weak budgetary flexibility, which currently caps the rating, despite recent fund balance growth, due to a prolonged structural imbalance before fiscal 2011,” Waldeck said.

Furthermore, Waldeck said, “given the positive outlook, there is at least a one-in-three likelihood that we will raise the rating over a one-year outlook horizon.” Contributing to that, he said, are the actions taken to rectify the structural imbalance, the landfill payments that will continue to help balance the budget and the “town’s very strong economy, defined by its growing population and rising market values.”

In 2018, the state Department of Environmental Conservation allowed the town to expand the landfill off Route 9 which, according to the multi-year contract, guaranteed a one-time payment by the private contractor, Waste Connections, and the annual fees for potentially another two decades.

The “A+” rating is not the highest possible grade like in elementary school. It puts Colonie at the top rung of the “upper medium grade” one step below “AA-“ which is the first rung of three in the rating of “high quality.” After “AA+” a municipality reaches the pinnacle of fiscal health “AAA.”

A bond rating is more than an arbitrary indication of a municipality’s finances, it determines how much interest it will pay when borrowing money for infrastructure improvements and other big ticket items every city, town, state, school district and fire district has to purchase.

“It was a long hard road regarding the finances so to get this rating, and be in a position to get this rating, is as good of news as you can get,” said Supervisor Paula Mahan while giving her State of the Town address on Thursday, Jan. 17. “We were downgraded four times,  and if it happened again the town would have been basically bankrupt. This is excellent news to come from where we were, and everyone has worked so hard and I would like to thank everyone in town government. This cannot be done alone.”

 

 

 

 

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The Spinney at Pond View

9 hours ago

The Spinney at Pond View

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I couldn't tour the cottage only see the streets/roads.

The Spinney at Van Dyke added 3 new photos — watching snow fall.

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12 hours ago

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Don't forget we are taking nominations for "Seats for Service Members" Head over to our website www.cdta.org for full details on how to nominate a hometown hero! ... See MoreSee Less

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CDTA and Patroons Team up for "Seats for Service Members"

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The Capital District Transportation Authority and the Albany Patroons have teamed up to award four VIP seats to the club’s home games at the Washington Avenue Armory for active duty military mem...
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Capital District Transportation Authority - CDTA

14 hours ago

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We are operating a regular weekday schedule today. Be sure to use the Navigator app or Google maps for real time information for any weather-related service delays. ... See MoreSee Less

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February 16, 2019 Service Will Operate on Weekday Schedule The Capital District Transportation Authority (CDTA) will operate on a regular weekday schedule on Presidents’ Day&comm...
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Capital District Transportation Authority - CDTA

2 days ago

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Head out to all of your favorite spots tonight with the convenience of a free ride! Check out the Capital City Trolley and find stops near you using the Cityfinder app! Did we mention it’s the PERFECT ride for a date?!🥰🚎 ... See MoreSee Less

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Empire State Plaza Events

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Empire State Plaza Events

Spend your February break at the #EmpireSkatePlaza! iHeartRadio will be taking over the Ice Rink sound system next week! Schedule below ⬇️⬇️

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Spend your February break at the #EmpireSkatePlaza! iHeartRadio will be taking over the Ice Rink sound system next week! Schedule below ⬇️⬇️

Monday, February 18 | 1-3pm | KISS 102-3 with D. Scott

Tuesday, February 19 | 1-3pm | 98-3 TRY with Jaime Roberts

Wednesday, February 20 | 1-3pm | WildCountry999 with Jillian

Thursday, February 21 | 1-3pm | 99.5 The River with Kevin & Tracy
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There's a general strike in the USA on April 15th and you all are invited. After the so-called tax cuts, this year you will receive a smaller refund, or will have to pay even more taxes than other years. Do you know who is really benefitting from the Republican/Trump tax cut scam? The VERY RICH. That's all Paul Ryan wanted; he got it and ran away. “The 2017 law was supposed to boost workers' wages, create jobs, and drive more investment — and as we've known for a while, it's done none of that. But now we can add two more failures to the creatively-named Tax Cuts and Jobs Act (TCJA): It hasn't encouraged corporations to return their profits from overseas, and it's probably hiding a nasty surprise for many Americans come tax season.” – Jeff Spross If in your tax bracket, after Trump's tax cuts, you received 3% more money in your paycheck, and then when you file your taxes you receive an average of 8% refund less than other years, how much are you losing? “Lower tax refunds might hurt the economy. If Americans are getting less money back, that might mean they're going to spend less of their refund.” - Jordan Valinsky Your (small) refunds will be delayed thanks to President Donald Trump’s shutdown. "I DIDN’T NEED TO DO THIS." - Donald Trump as he declares a national emergency taking billions of dollars away from our Veterans, and leaving for Florida for the weekend to PLAY GOLF. JOIN THE GENERAL STRIKE APRIL 15, 2019. PROTEST THE ILLEGITIMATE CORRUPT CRUEL TRUMP ADMINISTRATION. EVENT: GENERAL STRIKE TO REMOVE TRUMP FROM OFFICE. WHEN: APRIL 15, 2019. TIME: 12:00 AM TO 11:59 PM. WHERE: THE STREETS AND HIGHWAYS ALL OVER THE UNITED STATES OF AMERICA.

Capital District Transportation Authority - CDTA

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February 16, 2019 All Active Duty Military Members and Veterans Eligible for Promotion ALBANY, NY (February 15, 2019) The Capital District Transportation Authority and the ...
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February 16, 2019 Service Will Operate on Weekday Schedule The Capital District Transportation Authority (CDTA) will operate on a regular weekday schedule on Presidents’ Day&comm...
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Lynn White

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3 days ago

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Fact Friday from CDTA! See how spotless the bus is for yourself and ride today! #cdtaproud ... See MoreSee Less

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That’s because of the outstanding maintenance department!

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