Bye-Bye Deficit Bond

For so many years Rockland’s finances were struggling. Upon taking office nearly 10 years ago, we had incurred a massive $138 million deficit fund balance and were on the brink of insolvency. Various crushing taxes were in place as was three years of double-digit tax increases. We even had to issue a $96 million dollar deficit bond, to cover a portion of our deficit.

But that was then; today, I am so proud to announce that our finances are the best they have ever been in Rockland’s history. Not only are one of the fiscally strongest counties in New York with top tier bond credit ratings, achieved by only 6 other counties statewide, but I am proud to let our residents know we completed the final payment of our deficit bond.

This achievement reaffirms Rockland becoming one of the fiscally strongest counties in the entire state.

Through very conservative budgeting and prudent financial management we eliminated the deficit and built our fund balance to historic highs enabling us to:

1. Cut County Property Taxes by 2%, following no county property tax increases two years in a row
2. Continue to waive our bus fare for riders since the pandemic
3. Preserved 25 acres from development with our Open Space Acquisition Program
4. Eliminate the Residential Energy Tax, saving families $12 million annually — equivalent to an 8.4% County Property Tax cut.
5. Expand property tax deductions under New York State for seniors and volunteer first responders
6. Continue to increase what we provide non-profits who play a crucial role in helping those in need

This administration did all that, while still making our final deficit bond payment.

This turnaround has been repeatedly called “remarkable” by many including our New York State Comptroller Tom DiNapoli who congratulated me personally.

Rockland’s improved financial stability through maintaining a balanced budget along with adequate cash reserves, will allow the County to continue to weather financial storms and provide reprieve for our families and businesses.

I want to thank the Rockland County Legislature for their help with this accomplishment and acknowledge Rockland Finance Commissioner Stephen DeGroat and Budget Director Steve Grogan for their tireless efforts to save taxpayer dollars.

Our improved financial situation will enable us to do more for the families we serve.