Moody’s Investment Services maintained Westchester County’s Aaa bond rating, but gave the state’s third largest county a negative outlook, saying it reflects the county’s structural imbalance “in prior
“The negative outlook reflects the county’s structural imbalance in prior years that has driven reserve declines which may limit the county’s financial flexibility and ability to respond to mid-year revenue or expenditure fluctuations,” Moody’s said.
“In the event of additional future draws on reserves, the county’s financial flexibility could become out of line with similarly rated counties that rely on economically sensitive revenues.”
Moody’s, however, did say the county is taking positive steps to right its finances.
“The Aaa rating reflects the county’s substantial, wealthy and diverse tax base, average and manageable debt burden, and currently adequate financial position that has narrowed over the last several years,” it wrote.
Westchester County Executive Robert Astorino has preached fiscal austerity since winning election in 2009. He will put out his 2013 budget by Nov. 15, and he has vowed to not increase taxes in a county that has the highest property taxes in the nation.