The County Executive’s Corner: From Worst to First: How We Made Rockland New York’s Most Financially Stable

When I first took office, Rockland County was in crisis. We were listed by the New York State Comptroller as the most fiscally stressed county in the entire state. Our bond rating was just one step above junk status. Put simply, we were in financial free fall.

Fast forward to today, and I’m proud to share that we’ve made history.

Moody’s Investors Service has officially upgraded Rockland County’s issuer and general obligation limited tax (GOLT) bond ratings from “Aa1” to “Aaa” — the highest possible rating. That makes Rockland County the only county in New York State to hold a Moody’s Aaa rating. This is a powerful endorsement that Rockland is not only financially stable — we’re leading the pack.

For those unfamiliar, bond ratings are essentially credit scores for government entities. An Aaa rating means lenders and investors view Rockland County as an extremely low credit risk. That translates into the lowest possible interest rates when we borrow — and significant savings for our taxpayers.

This rating isn’t just a financial milestone — it’s a validation of years of difficult decisions and disciplined management. We maintained balanced budgets, paid off a $96 million deficit bond last year, and steadily rebuilt our reserves. These weren’t always popular decisions, but they were the right ones.

Moody’s made that clear in their report, stating:

“Reserves and liquidity have improved substantially over the past decade and finished 2023 at over 50% of revenues. Management projects this trend will continue through 2025 and into 2026. As a result of strong operating performance, governance is a driver of the rating.”

Governance. That word jumped out at me. Because this upgrade didn’t happen by accident — it happened because of strong leadership, tough calls, and a dedicated team of County employees who believed in the mission.

I want to thank all our partners in the Legislature for working with us to make this possible. I’m also deeply grateful to Finance Commissioner Stephen DeGroat and Budget Director Steve Grogan for their relentless focus on sound budgeting and conservative planning. 

As Commissioner DeGroat said so well, “This upgrade is the result of prudent financial planning and conservative budgeting practices.”

Together, we’ve proven that with determination, accountability, and smart governance, it is possible to turn things around. We’ve gone from worst to first — and I couldn’t be prouder of what we’ve accomplished.

Rockland is strong. Rockland is stable. And the best is yet to come.