Wednesday, March 26, 2008 

798-5800

Picente, Timpano Announce

Strong Credit Ratings for Oneida County

Oneida County Executive Anthony J. Picente, Jr. and County Comptroller Joseph Timpano today announced the release of strong credit ratings from two agencies.

“Putting our fiscal house in order has been one of my top priorities as County Executive , and these ratings are a reflection of the hard work we have done to solidify our financial position and put County Government on a stable fiscal footing,” Picente said. “Making the right decisions in terms of spending and taxes will mean that county taxpayers will save when we bond this spring for major infrastructure improvements that can help us develop a stronger economy and stronger communities.”

 “The rating agencies want to know that we are on top of the situation, that we have a plan for the future, and that we are looking forward with a realistic expectation of our financial position,” Timpano said. “These ratings reflect a very clear vote of confidence in the direction that County Government is taking.”

The ratings are:

Standard and Poor’s upgraded Oneida County ’s rating to an A+ from A, maintaining a stable outlook.

Fitch Investors Service affirmed Oneida County ’s A- rating, also maintaining a stable outlook.

Picente and Timpano noted that the higher the credit rating, the lower the interest rate when the county borrows for money. Further, credit ratings are a reflection of the agencies’ overall opinion of a county’s financial health and its financial operations, they said.

“The ratings reflect good fiscal management in a challenging time when costs are rising, and the future is uncertain,” Picente said. “County governments in New York State always face potential difficulties in the form of costs from unfunded state mandates, and the ratings reflect those concerns. However, at a time when we have made a major step to lower the sales tax rate, this is an important validation of all of our efforts to control costs, limit spending and also provide the necessary revenue to run a balanced fiscal operation. Growing a stronger financial position is a team effort, and I want to thank Comptroller Timpano as well as our Board of Legislators for the teamwork and hard work that has gone into keeping Oneida County fiscally strong.”