Municipal Bond Credit Report: Westchester County charting a course to structural balance

Municipal Bond Credit Report: Westchester County, New York, Executive George Latimer’s first budget seeks to restore fiscal health after years of operating deficits. Latimer said his $1.94 billion fiscal 2019 budget would not dip into reserves and implements a hiring freeze, among other measures designed to put the county of 980,000 that sits north of New York City on the right track. The first-year county executive in his Nov. 9 budget address said greater fiscal discipline is needed with Westchester facing a $71 million budget gap as a result of a $32 million shortfall last year and $39 million deficit for 2018 that accounts for roughly 50% of the county’s rainy day fund…. Link to Story