Taxpayers to benefit as City of Newburgh's credit rating goes up
Good news for taxpayers in Newburgh as the city's credit rating is going up.
The rating is being upgraded from B-A-A-2 to A-3.
This allows the city to borrow money at lower interest rates to fix its sewer and water systems and take less from taxpayers.
Mayor Torrance Harvey says it's welcome news as the city pushes to fund $60 million in improvements. "So when we're talking about infrastructure, it's not sexy, it doesn't sound great and exciting, but most infrastructure upgrades are super important to public health and public safety."
Newburgh's current credit strengths include a healthy general fund balance and recent tax base growth. Its credit challenges are weak resident income levels and long-term liabilities.