KINGSTON, NY – Ulster County’s executive Pat Ryan announced that due to the county’s strong financial management, the county will save $ 4 million over the next nine years by repaying existing bonds and refinancing on more favorable terms as the Interest rates are low.
This year, Ulster County is projected to save $ 400,000, with additional savings over the next decade.
In a November financial review of Ulster County, S&P cited the county’s “strong management with good financial policies and practices.” Despite severe economic headwinds from COVID-19, the creditworthiness and funds saved through repaid bonds confirmed the county’s ability to respond to the pandemic and economic pressures and continue to provide superior services to residents.
“As we continue to emerge from the devastating effects of COVID-19, I am proud that our strong financial base enables us to continue providing critical services while saving tax dollars,” said Pat Ryan, county executive, in a press release Friday . “The repayment of these bonds will save taxpayers millions at a crucial moment as we continue to revitalize our economies and invest to meet the growing needs of our residents.”
Ulster County’s continued strength in the eyes of credit rating agencies is a direct benefit to taxpayers in the form of lower borrowing costs, the announcement said. As interest rates continue to rise, a strong bond rating equates to lower borrowing costs, which allows the county to continue investing in long-term projects that serve constituents in need of bond funding.