Moody’s Downgrades Rockland County Credit Rating
NEW CITY, N.Y. (CBSNewYork) - Rockland County, already in a struggle with its finances, has just been hit again, WCBS 880 Sean Adams reported.
WCBS 880’s Sean Adams On The Story
Moody’s has dropped the county’s credit rating three notches to “Average.” That’s the lowest rating of any county in New York.
There are tough choices ahead as Rockland officials try to fill a $40 million gap in the 2012 budget.
During the recession, sales tax revenues slumped and Summit Park Hospital is bleeding millions of dollars.
An attempt to raise the sales tax has already failed and County Executive Scott Vanderhoef is putting together new budget proposals.
Adams reported there is fear that his plans could include massive cuts and layoffs at the Sheriff’s Department, fire and emergency services, health, parks, veterans, and many other departments.
County Legislator Ed Day doesn’t know the details of the new proposals, but said he is hopeful.
“We’re going to survive this. We’re too good not to. Something positive will come out of this at some point,” Day told Adams. “We have to look within ourselves and look at the strategies and resources that we have right here to pull our way out of this and I truly believe we could do that.”
What do you think the county should do to fix the budget? Sound off in the comments section below.