{"id":31972,"date":"2024-02-27T16:33:30","date_gmt":"2024-02-27T16:33:30","guid":{"rendered":"https:\/\/www.vosa.tv\/eng\/?p=31972"},"modified":"2024-02-27T16:35:35","modified_gmt":"2024-02-27T16:35:35","slug":"recognizing-adams-administrations-successful-fiscal-management-leading-independent-credit-rating-agencies-affirm-new-yorks-strong-financial-standing","status":"publish","type":"post","link":"https:\/\/www.vosa.tv\/eng\/archives\/31972","title":{"rendered":"Recognizing Adams Administration\u2019s Successful Fiscal Management, Leading Independent, Credit Rating Agencies Affirm New York\u2019s Strong Financial Standing"},"content":{"rendered":"

NEW YORK \u2013\u00a0<\/span>New York City Mayor Eric Adams today highlighted recent affirmations of the city\u2019s bond ratings based upon strong fiscal management by four internationally-recognized, independent credit rating agencies\u00a0<\/span>\u2014<\/span>\u00a0Moody\u2019s Investors Service, S&P Global Ratings, Fitch Ratings, and Kroll Bond Rating Agency (KBRA). Maintaining a strong bond rating is an indication of the city\u2019s financial strength and encourages continued investment in the city\u2019s bonds, which help support f<\/span>unding to build and maintain schools, streets, parks, and other critical\u00a0<\/span>infrastructure that spans the five boroughs.\u00a0<\/span><\/em><\/strong><\/p>\n

\u201cMoody\u2019s, S&P, Fitch, and KBRA are all saying the same thing: this administration is making the right financial decisions today to ensure a better and stronger tomorrow for all New Yorkers,\u201d said\u00a0Mayor Adams<\/strong>. \u201cThanks to our proactive fiscal management, reductions in asylum seeker spending, and better-than-expected economic recovery, we have confronted our financial challenges and shown the world that New York City is back and open for business.\u00a0<\/span>While we must continue to responsibly manage our budget \u2014 and still need additional support from our partners at the state and federal level \u2014 today\u2019s news is reason to take pride in our early decisions and make us cautiously optimistic about our financial future.\u201d<\/span>\u00a0<\/span><\/p>\n

Moody\u2019s Investor Services<\/span><\/a><\/span>\u00a0was the first to\u00a0<\/span>reaffirm their assessment of the city\u2019s bond rating last week<\/span>, citing that their decision \u201creflects successful implementation of budget measures to help close budget gaps in the current and succeeding fiscal year primarily caused by the migrant crisis.\u201d The reaffirmation also cites that the city\u2019s \u201cstable outlook reflects continuing economic expansion and tax revenue growth, coupled with robust financial management, which is anticipated to help mitigate budget pressures from the migrant crisis and the end of pandemic era federal aid.”\u00a0<\/span><\/p>\n

In its ratings report,\u00a0<\/span>S&P<\/span><\/a><\/span>\u00a0wrote \u201c<\/span>The stable outlook reflects our view of New York City’s relatively resilient economy, including its full recovery of jobs lost during the pandemic. In addition, the city benefits from a global presence and diversified employment in technology, health care, financial services, and arts and entertainment. We believe the city’s commitment to build reserves to a level that exceeds the pre-pandemic amount on a sustained basis supports its credit fundamentals and helps position it to weather a shallower but more protracted national economic slowdown.\u201d<\/span><\/p>\n

Fitch Ratings<\/span><\/a><\/span>\u00a0cited the\u00a0<\/span>city\u2019s exceptionally strong budget monitoring and controls, supporting Fitch\u2019s high assessment of operating performance. The city experienced \u201cstrong recovery coming out of the pandemic, as well as improvement and reserve levels.\u201d\u00a0<\/span><\/p>\n

KBRA<\/span><\/a><\/span>\u00a0wrote that the \u201ccity\u2019s role as international business and cultural center commensurate with its status as the nation\u2019s largest city, and position as the center of a large metropolitan economy\u201d contributed to its rating assignment and went on to note that \u201cinstitutionalized policies and procedures support financial stability.\u201d<\/span>\u00a0<\/span><\/p>\n

As a direct result of the Adams administration\u2019s strong, proactive fiscal management and decisive action, the administration achieved a record $6.6 billion in Program to Eliminate the Gap (PEG) savings over Fiscal Years (FY) 2024 and 2025 between the November Financial Plan and the Preliminary Budget. This included $1.7 billion in asylum seeker PEG savings \u2014 a 20 percent cut \u2014 achieved over FY24 and FY25 by helping to put migrants on a path towards self-sufficiency with intensified case management and reducing the household per-diem costs of providing care.<\/span><\/p>\n

These actions helped balance the FY25 Preliminary Budget and stabilize the city\u2019s financial position without layoffs, tax hikes, or major disruptions to city services \u2014 and their success, along with better-than-expected tax revenue growth, have allowed the administration to restore funding for initiatives that are mayoral priorities, including those related to public safety, quality of life, and young people. Additionally, last week, as a result of the administration\u2019s responsible fiscal management, Mayor Adams was able to\u00a0<\/span>cancel the FY25 Executive Budget PEG<\/span><\/a><\/span>\u00a0for city agencies, as well as move city agencies from a full hiring freeze to a 2-for-1 attrition\/hiring model and ease other-than-personal spending freeze restrictions. The administration is able to make these changes by further reducing asylum seeker costs by implementing an additional 10 percent PEG on budgeted city-funded asylum seeker costs over FY24 and FY25,\u00a0while continuing intensive case work for migrants to help them on their path to self-sufficiency.<\/span><\/p>\n

Since this national humanitarian crisis began, New York City has taken fast and urgent action and continued to effectively manage the asylum seeker humanitarian crisis largely on its own without substantial aid. To date, New York City has provided care for approximately 180,000 asylum seekers since the spring of 2022, with approximately 65,000 still currently in the city\u2019s care. The city has also provided\u00a0<\/span>case management<\/span><\/a><\/span>, shelter, food, and more to asylum seekers; stood up\u00a0<\/span>navigation centers<\/span><\/a><\/span>\u00a0with support from community-based organizations to connect new arrivals with critical resources; and enrolled tens of thousands of school-aged children in public schools through\u00a0<\/span>Project Open Arms<\/span><\/a><\/span>. As a result of the administration\u2019s responsible policies \u2014 including providing 30 to 60 days of intensified case management \u2014 more than 60 percent of the asylum seekers who have come through the city\u2019s intake center have left the city\u2019s care and are taking the next steps in their journeys towards self-sufficiency. Additionally, as of the Preliminary Budget, daily growth of the number of migrant households in the city\u2019s care had slowed by nearly 60 percent since the implementation of these policies. Through the\u00a0<\/span>Asylum Application Help Center<\/span><\/a><\/span>\u00a0and the city\u2019s satellite sites, the city has helped submit more than 36,000 work authorization, temporary protected status, and asylum applications \u2014 moving asylum seekers that much closer to being able to legally work and live a more self-sufficient life.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK \u2013\u00a0New York City Mayor Eric Adams today highlighted recent affirmations of the city\u2019s bond ratings based upon strong fiscal management by four internationally-recognized, independent credit rating agencies\u00a0\u2014\u00a0Moody\u2019s Investors Service, S&P Global Ratings, Fitch Ratings, and Kroll Bond Rating Agency (KBRA). Maintaining a strong bond rating is an indication of the city\u2019s financial strength […]<\/p>\n","protected":false},"author":5,"featured_media":31973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1469,31,1378],"tags":[],"class_list":["post-31972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-news","category-us"],"_links":{"self":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/31972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/comments?post=31972"}],"version-history":[{"count":2,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/31972\/revisions"}],"predecessor-version":[{"id":31976,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/posts\/31972\/revisions\/31976"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media\/31973"}],"wp:attachment":[{"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/media?parent=31972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/categories?post=31972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vosa.tv\/eng\/wp-json\/wp\/v2\/tags?post=31972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}