Standard and Poors recently completed a review of Broome County's financial position and affirmed the county's "A" Bond rating in a released a report. Standard and Poors (S&P) analysts met with Broome County Executive Barbara J. Fiala, Budget Director Nathaalie Maxwell and members of the Finance Department to review County finances in June. S&P issues ratings ranging from AAA, to D.

"We have stabilized county finances through conservative fiscal management," said Executive Fiala. "This report validates our decisions. It also depicts a promising future for our area as we continue to grow jobs and are home to several innovative companies."

This rating positively affects the ability of the county to leverage funds for projects and development. On average, the county seeks bonds for capital improvement projects every three years. The cost of infrastructure improvements continues to grow as material and labor costs have greatly increased. The county must seek additional funding beyond what is generated from taxes and fees to afford large capital projects.

"Over the past three and a half years, the financial recommendations and the subsequent decisions made have had a positive affect on our county," stated Budget Director Nathaalie Maxwell. "Our goal is to have a structurally balanced budget that does not rely on inflated, unrealistic expectations. With the economic downturn being felt across our nation, maintaining our 'A' rating is a notable accomplishment."

Broome County has experienced job growth and housing values have held steady while other communities throughout the nation have experienced the contrary. The report also notes the potential positive impact of gas leasing upon county revenue as well as the development of advanced microelectronics in the area. The Center for Advanced Microelectronics Manufacturing (CAMM) research and development lab on the Huron Campus was highly noted.

The S&P rating reflects: