Picente and Timpano: Oneida County Finishes 2015 With Credit Rating Upgrade
Fitch Ratings Upgraded Oneida County From A+ to Higher AA Rating.
Oneida County Executive Anthony J. Picente Jr. and Oneida County Comptroller Joseph J. Timpano today announced the final reporting of Oneida County’s fiscal position at the end of 2015 as well as the findings of the three national credit rating agencies.
“We have ended the year once again in a strong financial position by practicing good, efficient government with a commitment to fiscal responsibility.” Said County Executive Picente
Oneida County’s credit rating was recently confirmed by two of the three major credit rating institutions, while receiving an upgrade by Fitch Ratings. According to Fitch the upgrade was based on the county's improved financial operations including four years of general fund surpluses which have restored available general fund reserves. Additionally, the county has a modest debt burden, manageable carrying costs, and an improving local tax base with ongoing economic development activity.
In addition, in 2015 Oneida County spent $15 Million in General Fund Reserves on long term liabilities. That money was used to pay off $10million in retirement, saving $2.3Million in interest payments. In addition $3.7Million was used to fund capital projects in a pay as you go fashion instead of Bonding, saving the taxpayers nearly $1Million in interest payments.
In 2015, the Oneida County Adopted Budget was $320,753,275 and the County spent $312,223,643 removing the $15 Million in General Fund Reserve. This left an adopted budget surplus of $2.9Million even though revenue was down an estimated $5 Million.
County Executive Picente added “We continue to take the fiscally conservative approach of keeping expenses low, watching every dollar, paying off long term debt early and efficiently which has resulted in a strong fund balance and another upgrade to our credit rating. This government’s approach to finances continues to pay dividends for the taxpayers.”
Comptroller Timpano said “The commitment to our fiscal approach has continued to pay dividends for the taxpayer. We will remain diligent in monitoring spending while seizing opportunities to remove debt and save money for the taxpayer.”