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NY property-tax cap may hit cash-poor cities: report

The Supervisor of the Town of Fishkill had a few choice words for Midhudsonnews.com:

Fishkill Town Supervisor Joan Pagones said her town’s financial recovery plan is working well.
“We feel confident the plan is going to continue to work; it has worked this year; we’re right on target for 2011, and all communities will have to dig a little deeper and make more spending cuts,” she said.
Yet in the report the Moody’s analyst, in the following excerpt, found it necessary to mention which Towns were of concern for further downgrades:

New York’s property-tax cap risks accelerating a few downturns, according to Moody’s report.

“While the cap will not directly prompt rating downgrades, the new restriction on the taxing powers of local entities only adds to their weakened finances,” Moody’s analyst Robert Weber said in a statement.

Moody’s said that a number of New York’s school districts have a cushion: They salted away reserves during the past few years. And for all school districts, debt service is exempt from the limits imposed by the cap.
But after three years of flat revenue, some towns are particularly vulnerable to curbs on tax increases.
“Of particular concern are the issuers who already face significant financial pressure,” said Weber, listing as examples the towns of Colonie, Fishkill, and East Greenbush, and the cities of Newburgh and Glen Cove.

But, didn’t the Fishkill Supervisor say that Moody’s accepted the Town’s 5 yr plan?

This report seems to imply that Moody’s doesn’t have much confidence in Fishkill’s 5 yr plan or that our bond rating will improve any time soon.


20 yrs in office has accumulated over $ 4 million deficit, over $ 30 million in long term debt and the people of Fishkill should feel confident that the same politician that drove them into the ditch will now get them out?

Time for a change Fishkill!



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