ELMIRA – Chemung County Executive Tom Santulli announced today that Moody’s Investor Services has assigned an A1 rating to Chemung County thereby maintaining the A1 rating on the county’s outstanding General Obligation Limited tax debt. Moody’s identified Chemung County’s ”adequate financial reserves, moderately sized tax base, and manageable debt burden” as reasons for the A1 rating.
Moody’s noted, “The County built up an adequate reserve position over the past decade, aided in large part by strong sales tax receipts.” “Key to the county’s future ability to balance its financial operations is a 2013 restructuring plan.”
Moody’s continued, “County management is sound, as demonstrated by conservative budgeting practices and a proactive response to the decline in sales tax revenues. Additionally, the county has been working with the city of Elmira to help the city manage its finances, in part through shared operations. The county has thus far proven resilient despite the financial weakening of the city.”
“This is welcome and very good news,” said Chemung County Executive Tom Santulli. The County Legislature and the Executive’s office have worked hard and cooperatively keep the county on strong financial footing, to control spending, and manage the budget carefully. It’s great to have that work recognized in ways that benefit Chemung County taxpayers.”