(Ithaca, New York) – Moody’s Investors Service announced this week it is maintaining Tompkins County’s high municipal bond rating of “Aa1,” among the highest in New York State.
“This stable bond rating will help the County in its upcoming sale of bonds and bond anticipation notes scheduled for January 30th,” said County Finance Director Rick Snyder. The Moody’s rating analysis acknowledges “Tompkins County benefits from a sizable tax base with a strong economy bolstered by two large higher education institutions (Cornell University and Ithaca College).”
The announcement goes on to say that ‘the County continues to experience positive annual growth in the local economy, and further benefits from a strong financial position despite being exposed to economically sensitive sales tax revenues.” Finance Director Snyder told the County Legislature Tuesday night that 2019 was “a very good year for sales tax.”
Moody’s went on to say its stable outlook for the County “reflects the expectation that the financial position will remain sound due to conservative budgeting and reduced reliance on fund balance appropriations that have contributed to growing reserves. The outlook also incorporates a strong economy with low unemployment and institutional presence.”
Moody’s municipal bond ratings are based upon an analysis of four primary factors related to municipal finance: economy, debt, finances, and administration/management strategies.
Contact: Rick Snyder, Finance Director, 274-5502