White Plains, NY – The Democratic leadership team of the Westchester County Board of Legislators (BOL) vowed to keep the County’s responsible fiscal actions and decision-making on the agenda following the decision by the BOL Republicans to hold over a resolution that commits the BOL to delivering a 2012 Budget that will protect the County’s AAA bond rating. Among the Democratic leaders there was stated disappointment that the entire membership was not given an immediate opportunity to voice its approval for some of the actions that are called for in the resolution at the October 17 meeting of the BOL. After all, the inherent message of the resolution was to reinforce the BOL commitment to its Triple A rating, which will put the County in the best position possible to invest in projects that generate private sector jobs. “Since Westchester County will be going to the bond market next month with a number of offerings that will create jobs and improve infrastructure, it is important that our actions and decisions reflect the excellent health and stewardship of the County’s finances,” said BOL Chairman Ken Jenkins (D-Yonkers). “This resolution would have affirmed that this is the Board’s focus and determination, and so I am disheartened that the Board Republicans passed on this opportunity to show the various credit agencies that they are not willing to play politics with the County’s credit rating.” Earlier this year, the BOL adopted the bi-partisan 2011 Budget with a historic 2.2% tax levy decrease (double of what the County Executive proposed), reduced spending by $30 million and reduced the County workforce voluntarily by 10%—all of which confirmed that Westchester was moving in a smart and responsible direction with its financial obligations. Later, the County announced that $67 million was being returned to the General Fund, and had the County chosen not to increase the fund balances in both the Health Insurance and Retirement Funds, the General Fund balance for 2011 would have increased by an additional $14.1 million. Fitch Ratings applauded the county’s “active management of expenses” and a “…demonstrated willingness to reduce expenditures to moderate larger budget gaps and budget conservatively” when affirming Westchester County’s strong credit profile and “Triple A” rating. “The Board of Legislators and its professional staff worked hard to keep the County’s finances on track,” noted BOL Vice Chairman Lyndon Williams (D-Mount Vernon). “Smart fiscal management of taxpayer dollars has been our focus from the start.” On July 25, however, Moody’s Investor Service revised the outlook on Westchester County’s debt from stable to negative because Budget Director Laurence Soule said that the fund balance would not be replenished this year—a comment he now claims was “misinterpreted.” “This is why both the chairman of the Board and the chairman of the Board’s Budget and Appropriations Committee should be included in any rating agency meetings or conference calls,” said BOL Majority Leader Peter Harckham (D-Katonah). “It just makes sense to have a larger perspective of the County’s financial management represented.” The resolution that the BOL Republicans held over also pushes Soule to finally communicate with Moody’s about his “misinterpreted” statement regarding the fund balance, which he promised to do in a BOL Budget & Appropriations Committee meeting in August. For the 2011 Budget, the County Executive proposed using $36 million from the Fund Balance and the BOL added $5 million to that for infrastructure repairs and valuable social programs. Also, the County Executive proposed the credit-killing move of borrowing for operating costs, which the BOL wisely eliminated from the adopted Budget. Democrats then rejected a proposal by the County Executive to change health care providers for County employees—at a whopping $14 million in additional costs to County taxpayers. “We need to do everything we can to protect our excellent bond ratings,” said Majority Whip Judy Myers (D-Larchmont). “It’s time to put smart financial decisions and actions ahead of political gamesmanship for once and for all.”