New Rochelle Lauded For “Well-Conceived Long-Term Financial Plan”
The City of New Rochelle is audited on an annual basis by an independent auditing firm. In July, the Council received this year’s financial report, and it contains encouraging news about the City’s economy and fiscal condition. Among the highlights of the report are: New Rochelle’s A1 bond rating which is among the highest in the State; an increase in the market value of local properties during the past five years from $4.7 billion to $9.2 billion; a municipal tax rate that is the lowest among the urbanized communities of Westchester; and a healthy unreserved fund balance to help stabilize future budgets. The auditor’s report noted that “emerging from the economic doldrums of the early 1990s, the City formulated a well-conceived long-term financial plan comprised of effective budgetary controls and revenue enhancements derived from economic development efforts.” We will, of course, strive to maintain these favorable trends and practices in the years ahead.