Ramapo Town, NY Series 2021A-B Public Improvement Bonds Assigned 'A+' Rating With A Stable Outlook

NEW YORK (S&P Global Ratings) Sept. 2, 2021--S&P Global Ratings has assigned its 'A+' rating with a stable outlook to Ramapo Town, N.Y.'s series 2021A $7.98 million public improvement bonds and $15.4 million series 2021B public improvement refunding bonds. After a finding of fraud by the SEC in 2019, Ramapo was faced with remaking its financial team and processes. In 2017, the new management team started with a significant deficit fund balance of $13.8 million in the general fund, which translated to approximately 37% of expenses in 2017. The town has worked to eliminate this deficit through several avenues: Leveraging property revenue for the benefit of the general fund; Streamlining operations, increasing shared service agreements; Reducing personal costs, when able;

...September 2, 2021 NEW YORK (S&P Global Ratings) Sept. 2, 2021--S&P Global Ratings has assigned its 'A+' rating with a stable outlook to Ramapo Town, N.Y.'s series 2021A $7.98 million public improvement bonds and $15.4 million series 2021B public improvement refunding bonds. After a finding of fraud by the SEC in 2019, Ramapo was faced with remaking its financial team and processes. In 2017, the new management team started with a significant deficit fund balance of $13.8 million in the general fund, which translated to approximately 37% of expenses in 2017. The town has worked to eliminate this deficit through several avenues: - Leveraging property revenue for the benefit of the general fund; - Streamlining operations, increasing shared service agreements; - Reducing personal costs, when able; and - Decreasing overall expenses. Ramapo has eliminated this deficit as of its 2020 audit. It maintains an available fund balance of approximately $778,000, or about 2% of expenses. "In addition to...

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