Ulster County News

FROM: ULSTER COUNTY OFFICE

DATE: June 13, 2005 

Ulster County’s Bond Rating Remains High

Ulster County Legislature Chairman Richard A. Gerentine, in direct response to initiatives he has recently called for, has received positive feedback from the Ulster County Treasurer’s Office regarding Ulster County’s bond rating. The Chairman, referencing memorandums he has circulated to all Legislators and Departments over the last several weeks, outlined spending procedures for the remainder of 2005. Such mandates as a hiring freeze, a cost analyst of expenditures, including equipment requests over $500 and the funding of optional programs, have all been implemented with the understanding that all non-mandated spending be halted. The information, released between May 25 and June 9 culminated with news from Moody’s Financial Services stating that the County will remain at a level "A2" bond rating. "A2" is one of the highest and best ratings a municipality may be given and reaffirms Ulster County’s strong financial practices. Deputy Treasurer Michael Hein delivered the positive news and stated that such a rating will save Ulster County upwards of $10 million dollars. "The Treasurer’s Office, in conjunction with County Administration, has worked very hard to maintain such an excellent bond rating and I commend Treasurer Lewis Kirschner as well as Administrator Arthur Smith and their respective staffs on a job well done. It had also come to my attention that our early efforts to control spending and increase revenues played a vital role in Moody’s decision to keep Ulster County in such a position," stated Chairman Gerentine.

Additionally, Chairman Gerentine received news that, among contiguous counties in the Hudson Valley region, (Columbia, Sullivan, Greene, Orange, Ulster, Dutchess, and Putnam Counties) Ulster County is rated third lowest in terms of taxes per person at $262.62. Moreover, of all counties in the neighboring area, Ulster has the best property tax as a percentage of spending at 15.95%, whereas the highest came in at 27.23%.

Any questions or comments concerning these matters should call (845) 340-3900.