Credit analysis cites strong management and budgeting transparency in dramatically improved financial outlook
CITY OF NEWBURGH (NY) – Moody’s Investor Services (MIS) has upgraded the City of Newburgh’s credit rating to A3 from Baa2. Citing Newburgh’s strong financial management team, the city received MIS’ highest governance rating of G1 - including its highest ratings for institutional structure, policy credibility & effectiveness, and budget management. Newburgh’s credit upgrade will save the city, local business, and taxpayers money as the city approaches the infrastructure upgrades necessary to continue smart growth and community-driven economic development.
Moody’s upgraded credit rating reflects an aggressive multiyear effort by City Manager Todd Venning, Mayor Torrance Harvey, and the City Council to make Newburgh’s budgeting process more transparent and accessible while reducing spending and growing the tax base. Moody’s analysis reported five-year tax base growth from $871.2 million in 2017 to $1.3 billion, as city policies and programs have returned mismanaged properties back onto the tax roll and new investment in Downtown Newburgh has flourished.
On year-to-year financial health, Moody’s gives Newburgh high marks for its strong general fund balance and reduction in current debt obligations. Trusted for its conservative institutional approach to municipal credit ratings, Moody’s underlying “scorecard-indicated outcome” gives the City of Newburgh an even higher credit rating of A2 - further confirming Newburgh’s promising fiscal future.
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