A Wall Street rating agency revised Nassau County’s bond rating outlook to positive for the first time in 15 years after citing exemplary fiscal management from County Executive Curran’s administration and three consecutive years of improved financial results. Moody’s Investor Service revised the County’s outlook to positive after reporting expectations of both “a third consecutive year of improved financial results,” as well as “ongoing budget and management discipline.”
“Nassau County’s budget is improving, and the future is bright,” said Nassau County Executive Laura Curran, who took charge of the County’s struggling finances three years ago. “We have been successfully managing Nassau through one of the worst economic climates in recent history by exercising strong fiscal discipline and employing tight budgetary controls. We will continue building on our positive work and building a strong economic future for Nassau County.”
Moody’s also cited the establishment of Nassau’s special revenue fund, the product of a bi-partisan budget agreement between the County Executive and County Legislature to hold surplus revenue and federal stimulus, as well as financial benefits offered by NIFA, which refinanced County debt at historically low interest rates last year.
“Our hard work to restore fiscal health to Nassau County is paying off,” said Deputy County Executive Raymond Orlando. “Our partnership with NIFA, which resulted in over $450 million in budget savings this year and next, has helped us to maintain budget balance during the pandemic and today’s positive outlook from Moody’s Investors Service is another indication that we are on the right path to structural balance.”
Moody’s concluded that financial operations will improve over the next two years due to the County’s improvements in budgeting, cash management and expectations of sales tax growth.
“We are pushing Nassau’s financial and economic recovery to the metal and will not let up,” said County Executive Curran. “I will continue doing everything possible to grow our tax base and provide support to our residents and business community.”
The last time Nassau had a positive outlook from Moody’s was in April of 2006.