Printer Friendly

ONEIDA COUNTY (N.Y.) $15 MIL. GO BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 18 /PRNewswire/ -- Oneida County, New York's $15 million Public Improvement (Serial) Bonds, 1993 are rated 'A' by Fitch. The bonds are scheduled to be offered competitively on March 24. Oneida County has taken sound measures to improve its financial performance and has imposed additional sales taxes that will help to eliminate a moderate accumulated general fund deficit. If the partial closure of Griffiss Air Force Base as recommended by the defense secretary is approved, the county's economy could be adversely affected. However, new service and other jobs are being created in the county, which could mitigate employment losses. The credit trend is uncertain.
 The county is located in central New York State and now has a relatively stable population of 250,836. Income levels are below state and national indicators, which is typical of upstate communities. Unemployment rates improved over the last year as the local economy began to strengthen. The partial closure of Griffiss Air Force Base would eliminate about 2,500 military jobs and 1,025 direct civilian jobs held by county resid ?over several years. Another 1,475 secondary resident jobs created by base activities could be at risk as well. However, the civilian jobs that would be lost account for only 2.5 percent of count resident employment. The final decision to eliminate certain activities at the air base will not be made until late summer. Several firms have recently announced expansions or new commercial projects that will provide additional employment, which could significantly offset the potential job loss. The governor and the Oneida Indians have agreed to open the state's first gambling casino, which could generate over 1,000 additional jobs over the long term. However, these and the other jobs generated likely will have lower wages than civilian employment at the air base.
 The county has been working to eliminate an accumulated general fund deficit for many years, which totaled about $7 million or 4 percent of revenues in 1992. The deficit was recognized in 1984 with the conversion to Generally Accepted Accounting Principles and has been aggravated in recent years by unanticipated federal and state actions. The county now has the ability to eliminate the deficit completely as an additional 1 percent sales tax has been imposed that will yield about $14 million annually in revenues. The county appropriated $8 million in this year's budget to fully eliminate the deficit. The county executive, elected in 1990, and local legislature have worked together to reduce costs and streamline government operations.
 Debt levels are moderate, enhanced by rapid amortization. Although the county may issue an additional $35 million over the next several years for jail and court house projects, debt indicators should not rise significantly because of the rapid debt payout.
 -0- 3/18/93
 /CONTACT: Stewart Simon of Fitch, 212-908-0508/


CO: ST: New York IN: SU: RTG

KD -- NY062 -- 7571 03/18/93 15:12 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 18, 1993
Words:485
Previous Article:JEAN PHILIPPE FRAGRANCES COMMENTS ON ANALYSTS ESTIMATES: COMPANY CONFIDENT THAT 1993 AND 1994 ESTIMATES CAN BE EXCEEDED
Next Article:CPAs CONCERNED ABOUT HIDDEN CHARGES IN CLINTON TAX PROPOSALS; NY CPA SOCIETY TESTIFIES ON TAX SIMPLIFICATION


Related Articles
WARREN & WASHINGTON I.D.A., N.Y. RATED 'BBB (COND.)' BY FITCH -- FITCH FINANCIAL WIRE --
WESTCHESTER COUNTY, N.Y., $51.6 MILLION GENERAL OBLIGATION BONDS RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --
ORANGE COUNTY (FL) $127.8 MIL. WATER UTILITIES REV. BONDS 'A+' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
SUFFOLK COUNTY N.Y. BOND ANTICIPATION NOTES RATED 'F-1' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
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 --
ERIE COUNTY (N.Y.) GENERAL OBLIGATION BONDS AFFIRMED AT 'A' BY FITCH -- FITCH FINANCIAL WIRE --
ONONDAGA COUNTY (N.Y.) RESOURCE RECOVERY AGENCY BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --
ONONDAGA COUNTY (N.Y.) GENERAL OBLIGATION BONDS 'AA', BANS 'F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
Oneida County, New York $71.4 Million Outstanding General Obligation Bonds Rated 'A' By Fitch - Fitch Financial Wire -

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