Yonkers Bond Market Borrowing Costs to Increase

eHezi Education, Finance, Governance, History, National, New York State, People, Politics, Westchester County, NY, Yonkers, NY 27 Comments

YONKERS, NY — August 8, 2018 — Standard & Poors (S & P) Global Ratings yesterday lowered the City of Yonkers’ financial prospects from “stable” to “negative”.  The catalyst for the reassessment by the financial ratings firm did however still maintain the firm’s long-term “A” rating. The caveat regarding the revised financial analysis is that borrowing costs on the bond market will increase detrimentally.

Nora Wittstruck, S&P Global Ratings Credit Analyst, in a statement advised, “The outlook revision reflects our view of the city’s deterioration in reserves as well as budgetary performance, particularly related to the school district’s operations, after two years of relative stability in its financial position.”

The budget deficit for FY2018-2019 is anticipated to be near $90 million.

eHeziYonkers Bond Market Borrowing Costs to Increase

Comments 27

  1. Local Law – Room Occupancy Tax
    Resolution – Commissioner of Deeds
    All other business properly coming before the council

    Looks like the silly council are back in session in the middle of the summer. Why?
    I see they are looking to raise more taxers on the poor sods who rent rooms here. Interestingly they never go near or discuss all of the illegal rooms and apartments for rents in Yonkers. Why?

  2. Stay tuned for a bombshell downgrade by Moody’s. Moody’s has finally figured out what we in Yonkers have known for some time now. Mike Spano has been a disaster for Yonkers in so many ways but especially financially. Almost bankrupt after 6 1/2 years of Spano waste, fraud, abuse, patronage and pillage. Get out while you can. The ship is about to sink.

  3. No press release Mike? You were so quick to run to the microphone when the bond ratings were improved. Now there’s nothing to say. Just wait for the next rating downgrade in 6 weeks. Yonkers back to junk status once again. Just like it’s Mayor.

  4. Hezi,
    Do an article on how our jobs are being stolen by system gamers, or family and friends.
    It is a complete farce and a insult to honest “LAW” abiding citizens.
    The word is no one cares.
    Maybe when the dam breaks it will be addressed ?
    I certainly will make sure it gets addressed.
    If you do not have an in, you will never get on the Yonkers Police.
    Only the Dutchess County residents are getting on in Yonkers because of their relatives.
    Thanks to Dad or Thanks to Uncle Bob.
    signed one pissed off citizen of this failing town.
    oh yeah, do not bother complaining to the Yonkers IG.
    Nothing will come of it. Makes me believe he is in on it.
    ps, Uncle Sam has been informed.

  5. All the city employees are waiting for Mayor Spano to leave office.
    They want to steal again.
    Please stay and run for another 4 years Mayor Spano.
    Drain the swamp of the workers corruption.

    1. Seems like the employees have been doing pretty good at ripping off the city these last 7 years of Spanos “watch”. What a joke Spano has been as Mayor. Overtime out of control and hundreds are making $300,000. Yes. That’s $300,000. Not a typo. $300,000.

  6. Mike Spano has said on record that even if term limits were to be repealed, he has no interest in running for a 3rd term.

    This mayor has done a fair job in this city for 6.5 years. This job is not an easy one. I wished he would run again but he doesn’t want to. Some of the people they are talking about running is scarring the hell out of me. This city can easily be turned into the south Bronx.

    1. It already has become the Bronx ! No parking, vacant stores, vacant homes. Getty square looks like Fordham road.
      Ridge hill and cross county look like bay plaza mall.

  7. Please please repeal term limits. I can’t wait for Mike Spano to be defeated once and for all. He’ll be the first person ever to control a political party and at the same time not win that party’s primary.

  8. It’s not easy cleaning up the mess created by Republicans over the last 16 years. Thanks to Mike Spano, we are finally seeing high rises being built on the waterfront and 6 years with no tax increases.
    Khader took the lead with the Democratic majority to give Yonkers residents one of the highest tax increases in one year.
    Yonkers needs 4 more years of Mike Spano.

    1. Blame Khader for bond rating.
      Khader was second shooter at Dealy Plaza
      Khader was part of the Rosewell coverup
      Khader caused the 2008 recession
      Khader helped create global warming

      1. There you go again: the bottom line is that Khader voted to raise our taxes 6.2%- you must have the selective retention disease.

    2. Yes high rises blocking beautiful views, causing traffic and horrendous parking conditions. The actual residents of south yonkers are lacking quality of life. Tax increase do you your homework idiot.
      Spano must go.

    3. What are you talking about ‘6 years with no tax increase’…two years ago they broke the tax cap with a 4+% tax increase??? It is only the developer who gets a free pass. The Republicans did cause this mess, however, and Khader made his first major mistake in voting for this 2019 budget. His vote was NOT needed and he could have cited chapter and verse for a NO vote. I think he stupidly thought he would be looked at as a leader, as CCP, to have brokered a 7-0 vote. Mr. Khader, aka ‘ya know’, should be finished.

    4. Mike SpaNO is a republican in Democrat clothing. Are you out of your mind????
      4 more years of higher taxes and bigger potholes, no thanks.
      Let’s not even start to talk about his handouts to the corporate welfare class.

  9. With $90 million in debt, expect an increase in foreclosure rates as well as a lower tax base and difficulty meeting municipal services. A word to the wise…

  10. Crickets.

    No press release fat Mike? No comment from ChristinaLiar? The house of cards is teetering and will soon fall down. Spano has been an abysmal failure as Mayor and it will take years to clean up his mess.

    1. Backpacks and Ice Bucket challenges that’s what he’s got to say about that.

      How we could have been given a higher bond rating in the first place point out the fake S&P which are still putting out the rating they were before it all collapsed in 2008.

  11. Yeah, because the brilliant heads of Yonkers government created a climate wherein the Board of Education was forced to use every penny of its $24M fund balance in this last budget passed (6.2% tax increase) and the city side used more than three-quarters of ITS remaining fund balance. Yeah, keep paying Ruggiero at a Commissioner salary even though he is a DPW manager! Good going guys.

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