FOR IMMEDIATE RELEASE
June 29, 2018
Contact: John Lyon 845-638-5645

Rockland is in the "Black" for the first time since 2006.

New City, NY – County Executive Ed Day announced positive news relating to the soon to be released Comprehensive Annual Financial Report on Rockland County's finances from 2017. He was joined by Commissioner of Finance Stephen DeGroat, Budget Director Steve Grogan, Assistant to the County Executive – Fiscal Bob Bergman and Minority Leader of the Rockland County Legislature Lon Hofstein.

"For the first time since 2006, the county has an unassigned positive fund balance in its general fund. Almost $6.3 million," said County Executive Day. "While that may not sound like a whole lot in a budget of almost $700 million it is an extremely positive step."

Marks Paneth, the outside auditors for Rockland County, will release the 2017 Comprehensive Annual Financial Report later this afternoon. That report details the incredible turnaround of Rockland County's finances.

The County Executive shared credit for this financial improvement, "it was only with the help of our dedicated employees, department heads, commissioners, unions and the Rockland County Legislature that together we have been able to accomplish so much in such a short amount of time."

Minority Leader Lon Hofstein attended the press conference. Chairman of the Legislature Toney Earl, Vice Chairwoman Nancy Low-Hogan and Chairman of the Budget and Finance Committee Jay Hood, Jr. were all invited to attend but unable to join in.

According to Commissioner of Finance Stephen DeGroat, the County received a clean unqualified Opinion on their financial statements with no material weaknesses present. "After many years of hard work, careful and conservative budgeting and cash flow management we have become a stronger and more financially sound County that will benefit all of our residents. This is represented not only by our current positive funds but by all 3 major credit rating agencies (S&P, Moody's and Fitch) putting Rockland in the A category of investment grade paper."

County Executive Day took office in 2014 facing a $138 million deficit and with the cooperation of the County Legislature took out a $96 million deficit reduction bond. Rockland must make an approximately $13.5 million payment on this bond every year until 2023.

"We made the hard choices and after 4½ years they are starting to pay dividends. But this struggle is not yet over, while we hit a huge benchmark and are finally "in the black," we have a long way to go until we reach full financial strength. General government accounting principles demand that we have a fund balance in the area of $50 million to truly be a fiscally healthy county. I look forward to continuing to work together with my colleagues from the legislature as we look to grow this fund balance through continued careful budgeting and smart compromises that will help Rockland County prosper," concluded County Executive Day.

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