The savings are due to strong financial management and will result in $400,000 in savings this year alone
In November, despite the pandemic, S&P reaffirmed the county’s strong fiscal responsibility and ability to respond to the economic impacts of COVID-19 crisis
KINGSTON, N.Y. – Ulster County Executive Pat Ryan announced today that due to strong financial management, Ulster County will be able to save $4 million dollars over the next nine years from refunding existing bonds and refinancing them at more favorable terms due to record low-interest rates. This year, Ulster County is expected to save $400,000 with additional savings being realized over the next decade.
In S&P’s most recent financial review of Ulster County from November, they cited “strong management, with good financial policies and practice.” Despite strong economic headwinds due to COVID-19, the credit rating and funds saved through refunded bonds reaffirmed the county’s ability to respond to the pandemic and economic pressures while continuing to provide superior services for residents.
“As we continue to emerge from the devastating impacts of COVID-19, I am proud that our strong financial footing has allowed us to continue to deliver on essential services while saving taxpayer dollars,” Ulster County Executive Pat Ryan said. “The refunding of these bonds will save taxpayers millions at an essential moment as we continue to reinvigorate our economy and invest to meet the growing needs of our residents.”
Ulster County’s continued strength in the eyes of bond rating agencies is a direct benefit to taxpayers in the form of lower borrowing costs. As interest rates continue to climb, a strong bond rating corresponds with lower borrowing costs that will allow the County to continue to invest in long-term projects that serve constituents that require bond financing.