Printer Friendly

SUFFOLK COUNTY, N.Y. BUDGET NOTES RATED 'F-2' BY FITCH -- FITCH FINANCIAL WIRE --

 SUFFOLK COUNTY, N.Y. BUDGET NOTES RATED 'F-2' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Dec. 4 /PRNewswire/ -- Suffolk County, N.Y.'s $35.7 million budget notes 1991 Series A and $15.4 million budget notes 1991 Series B are rated 'F-2' by Fitch. The notes will be offered thorough negotiation Dec. 4 by Prudential Securities Inc. and Chemical Securities Inc.
 Suffolk County is currently offering a total of $51.2 million budget notes. The borrowing is necessary to ease the cash flow difficulties caused by overall appropriation shortfalls in the social service areas, as well as the lag between expenditure and state aid reimbursement. The notes are general obligations of the county, but are expected to be repaid from an increase in the property tax levy of about $35 million and reimbursements for the state component of social service costs. State aid expected as reimbursement more than covers the balance of the notes. Without these notes, the county would likely end the fiscal year with another general fund deficit, as well as a cash deficit. Including this borrowing and depending upon accrual levels, Suffolk could end the year with the general fund approximately balanced, due in large part to measures taken in this summer's property tax and fiscal stability program.
 The 1992 budget was adopted with no major changes from the proposed budget and the more controversial items, such as a transfer from the water quality protection program and a motor vehicle use surcharge, were adopted. The actions taken this summer established parameters on the revenue and expenditure sides that essentially limited the ultimate budget configuration.
 Areas of concern continue to be those plaguing all New York counties, including sales tax performance, potential state aid reductions, and social service costs. Going into the next year, without cost containment measures it is possible Suffolk may again experience social service cost overruns since the current needs base is above budgeted levels. Salary negotiations have been delayed until the new administration takes office. Sales tax is expected to increase to slightly over 2 percent, a number that appears reasonable but, given the economy, is difficult to predict.
 -0- 12/4/91
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Suffolk County ST: New York IN: SU: RTG


JT -- NY086 -- 9376 12/04/91 16:41 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 4, 1991
Words:384
Previous Article:BOW VALLEY INDUSTRIES LTD. DECLARES DIVIDENDS
Next Article:BUICK LESABRE SALES UP 74 PERCENT IN NOVEMBER


Related Articles
SUFFOLK COUNTY, N.Y., $37.5 MILLION GENERAL OBLIGATION BONDS RATED 'A' -- FITCH FINANCIAL WIRE --
SUFFOLK COUNTY, N.Y. $225 MILLION TANs 1992 TO BE RATED 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
WESTCHESTER COUNTY, N.Y., $51.6 MILLION GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
JAPANESE BANK-SUPPORTED ISSUES ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --
SUFFOLK COUNTY (N.Y.) $80 MILLION REVENUE ANTICIPATION NOTES RATED 'F-2' BY FITCH -- FITCH FINANCIAL WIRE --
SUFFOLK COUNTY N.Y. BOND ANTICIPATION NOTES RATED 'F-1' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
SUFFOLK COUNTY NEW YORK BOND ANTICIPATION NOTES RATED 'F-1' BY FITCH -- FITCH FINANCIAL WIRE --
UTICA (N.Y.) GENERAL OBLIGATION RATING REDUCED TO 'BB' BY FITCH -- FITCH FINANCIAL WIRE --
ONONDAGA CO. (N.Y.) GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
FITCH RATES SUFFOLK CO., N.Y. $46 MILLION GENERAL OBLIGATION BONDS 'A' -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters