Briggs says cautious past augers good future

County bond rating survives recession

By DAVID HULSE

MONTICELLO, NY — On the same day that Governor Pataki was issuing a statement of disappointment about the lowering of the state’s bond rating, Sullivan County Manager Dan Briggs was reporting a possible improvement in the county’s bond rating.

On June 5, Pataki said, “Today’s decision by Fitch Ratings to downgrade New York State’s credit rating is a disappointing setback, especially considering the numerous credit rating upgrades we’ve received in recent years.”

Speaking at the Sullivan County Legislature’s Finance Committee on June 5, Briggs submitted a 22-page summary of county government accomplishments in the past year. He said he wanted his report considered in terms of the county’s bond rating.

Briggs said the rating agencies are concerned about the state budget deficit and are contacting counties to update their ratings information.

Bond ratings determine how much the county pays to borrow money on its bonds, and an upward or downward movement can mean millions of dollars in interest.

He said Sullivan had just finished reporting to the rating agency, and the reaction he got was very good because Sullivan was one of only five counties in New York to avoid increasing property taxes this year.

Briggs predicted that the county, “at the very least,” will hold onto its current bond rating.

Briggs’ financial highlights included:

• the collection of $44.55 million in property taxes;
• the sale of 809 properties at public auction, which not only recouped unpaid taxes but recovered more than $1 on each dollar of county equity, for a total of $8.28 million;
• an increase of $2.46 million (to a total of $14.4 million) in the county’s unreserved fund balance;
• an increase of $3 million (to a total of $22.1 million) in sales tax collections; and
• retention of the county’s A2 bond rating “with a positive outlook.”

Other 2002 accomplishments included:

• the completion of the Emerald Corporate Center;
• the successful application of Route 97 as the New York State Upper Delaware Scenic Byway.

Department achievements included:

• the Sheriff’s Patrol’s covering of 815,579 miles;
• the Department of Public Works’ engineering of five bridges and building of six, avoiding contract costs of some $650,000;
• public health services’ immunization of 1,596 infants and children; and
• the Veterans Services Agency’s burial of 45 veterans.