MOODY’S: Fiscal Constraints Bring a Negative Outlook for Yonkers

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

Yonkers Roundup Host Brian Harrod.

YONKERS, NY — July 5, 2019 — Narrow reserves drove the City of Yonkers’ bond rating to be downgraded despite recent momentum attracting new residents through transit-oriented development.

Moody’s Investors Service revised its credit outlook for Yonkers’ A2-rated debt from STABLE to NEGATIVE on Tuesday, July 3, 2019, citing a weak fund balance and liquidity levels. 

Yonkers is also facing financial capacity as it struggles to fund its school district as state aid declines. 

Basically, New York State Senate Majority Leader Sen. Andrea Stewart-Cousins, Sen. Shelley Mayer, Assemblyman Nader Sayegh,  and Assemblyman J. Gary Pretlow have failed to deliver enough state aid to cover the cost of educating Yonkers Public Schools’ 27,000 plus children. 

LOL… But they did manage to make sure that cats are not declawed in New York 

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Yonkers Tribune / Mount Vernon Tribune Publisher / Editor-at-Large and WHYT Radio’s Westchester On the Level Host Hezi Aris.

V A L I D A T I O N of writing by Mr. Harrod who was first to make note of this issue and thereby his perspective accepted because it is factual and is based on facts that the Yonkers Tribune validated as per the following link:–PR_905927633 

eHeziMOODY’S: Fiscal Constraints Bring a Negative Outlook for Yonkers

Comments 27

  1. Since khader got here, taxes have gone up over 10% same for water rates. The teachers will suffer and our children because of the vote he took or choose to chicken out on and not take. Chicken

  2. I noticed that you deleted one comment that spoke badly about khader because it was “off topic” but I see many many comments that are allowed even tho they are off topic. This doesn’t seem fair. Why is khader getting special treatment? Khader ran on “our taxes are too high” his solution? He raised them almost 7%! He also said that our water rates were too high! His solution, he raised those his first year in office. In fact, water rates have gone up over 10% since he took office. But he decides this year not to vote on budget and raise taxes only 1.8%??? What the hell!! He makes no sense at all. He did find time to make sure he voted against teachers and students finding this year as well as fire dpw and police.

    1. Post

      I believe I have made comments that are pertinent to the subject matter available for all comments. If your comment was off topic, then I judged it to be off topic and advised you of that fact by allowing the first part of your entente/comment to be revealed so you knew it was your comment, and that I had deleted the balance of the comment which was the gist of your perspective. Now it is here and included in its entirety because it is ON topic. Thanks. Kindly, Hezi

    2. Last year, The city was facing 400 plus layoffs, he and the entire council with the direction of the mayor and governor agreed that laying off POLICE, FIRE, DPW, and Teachers was not in the best interest of the city and the families that would be effected by the layoffs. This year there were no layoffs. You call it chicken while many call it brave and a man with balls to stand up and say NO. perhaps you would prefer him to abuse his power and take what is being giving away at the tax payers expense. Instead he takes Zero and keeps moving in a direction he sees best fit for Yonkers. Like him or hate him, he beat the odds and will do it again, for every hater he gain, he has 10 new fans. Get off his D*ck and go play along like the rest of the Yonkers Political insiders.

      1. Why was the city facing lay-offs? Maybe the Spano Administration gave away the store in labor deals prior to an election year. Every Union got a payoff to endorse little Mickey.

    1. Wasn’t he in office a month and put a … the rest of the comment has been deleted. This postt is not related in any stretch of the imagination to the subject discussed under this article. You are welcome to repost where it is relevant to the subject matter discussed. Thank you for understanding! Thank you for understanding. Kindly, Hezi.

  3. Everyone had their price! The Fireman backed Spano for $4 million and a firehouse! Pineda and Rubbo got their siblings jobs. Justin Tubiolo sent his soldiers to City Hall backing the term extension and in exchange his son, David Tubiolo has no Democratic opponent . In a Democratic state and city! Either the FEDS are waiting for the right time or they are paid off too! Spanos played this city like a game of chess using city jobs in lieu of support and all these other things I listed with taxpayers money! Bravo Spanclan but remember Pride comes before the fall!

    1. Very well said! It’s definitely not going to help the reserve funds when the lawsuits come in from past YPD applicants that got disqualified for the same issues his nephews have but they are getting hired, how brazen can you get when you think it’s ok to make a person that was fired from multiple jobs including his own family business for stealing a police officer? Or a person that couldn’t pass the physical but because they run the show they changed the numbers, how many more unemployable low life’s are going to get city jobs in the next 4 years? It has to stop! Maybe a class action law suit will help

    2. Since Spano has ensured Tubiolo has no opponent, he no longer needs to change parties. Tubiolo went groveling to Reggie and Borgia that he wants to be a Dem. Tubiolo will conveniently pull a Spano and become a Dem once he has a Dem opponent.

      1. You are absolutely correct, I wonder what Keith Olson, and commissioner Gardner are going to be gifted with for hiring the flock of unemployable nephews about to come on board? I heard the whole SIU unit has been promised a sweet parachute deal if this blows up on anyone who signs their name to hiring these family members. I hope they don’t get personally sued for signing off on a background check without actually checking. Whats going to happen when some detective from
        another department recognizes a particular nephew and raises hell?

        1. How are less qualified people passing other more qualified candidates for YPD??? There is a written test, physical and psychological exams. Best scoring candidates should get the job, without preference to others. If Yonkers is not working this way, all the facts should be sent to NYS Attorney General for investigation.

          1. Nowadays being fired from your own family’s business for stealing puts you on top of the hiring list! So long as your uncles are running the city! I hope the city can handle the lawsuits!!

  4. The State Delegation has told Yonkers that Yonkers City Hall salaries are higher than any other municipality. But the Spanos keep paying their high school dropouts and drug addicts top dollar. And Spano keeps buying off his City Council. Pineda and her sister were given jobs to ensure Pineda voted for his budget. The proof is a 6-1 budget with Pineda bashing Khader in last week’s Yonkers Rising for not voting for the budget. Pineda should be brought up on charges for accepting a bribe for her vote.

    1. Everyone knows it wasn’t her who wrote that speech, she can’t formulate a clear thought without sucking her teeth, her questions and comments are superficial and phony just like her. Corozon would have never voted on that budget if her sister didn’t get job. The mayor is using her like he uses everyone at the expense of the tax payers. She took the term prostitute to the next level. Someone needs to get her off her knees and out of the bars.

  5. I will note that I posted this story to my Twitter feed an hour prior to Mr. Harrod posting here. I was also aware that this would happen, once last year’s budget was passed. Since this year’s budget contained no remediation of the structural flaws in COY budget, Moody’s had no other option.
    Ron Matten

  6. This story is factually true. Moody’s Analytics downgraded Yonkers GO bonds, because our reserve fund is not high enough for for our budget. We spend too much and don’t have enough in the bank account for an emergency. When our bonds are downgraded, it cost us more to borrow money. This limits the capacity of infrastructure projects. We also get less value for our taxes. I will remind you that 80% of the Yonkers budget is salary expense. This should be a wake up call to our politicians. There are fundamental problems with our budget.
    Ron Matten
    Colonial Heights

    1. Idiot…excerpt from Moody’s: Narrow reserves drove Yonkers, New York, closer to a bond rating downgrade despite recent momentum attracting new residents through transit-oriented development.

      Moody’s Investors Service revised its credit outlook for Yonkers’ A2-rated debt to negative from stable Tuesday citing weak fund balance and liquidity levels. Yonkers, which is in Westchester County on the New York City border, is also facing struggles funding its school district as state aid declines.

      1. Bet this negative outlook and it’s potential consequences won’t be reported in either Khader’s newsletter or the Mayor’s weekly updates. Wonder if Yonkers Rising will even carry it??

    1. Spano has no political future outside of Yonkers. So watch, within the next couple of years, in a clandestine meeting, the City Council will overturn term limits completely. All the Council members are bought and paid for by the Mayor!

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