Redeveloping GM site could reverse poor ratings outlook

[hrmjustin]

Cara Matthews

SLEEPY HOLLOW – Pending redevelopment of the long-vacant General Motors site could help reverse the negative outlook the village recently received from Moody's Investors Service.

Three months ago, Moody's gave an A1 rating to the village's refinancing of $3.4 million in public improvement bonds and reaffirmed its A1 rating on outstanding bond debt, but assigned a negative outlook to the village.

The negative outlook reflects its weakened financial position and "sizeable pressures" for officials to regain structural balance and boost reserves, Moody's said. The fund balance has dropped substantially in the past three fiscal years and expenditures are growing faster than revenue, particularly for salaries and pension benefits, Moody's said.

http://www.lohud.com/story/news/local/westchester/2014/08/08/sleepy-hollow-moodys-negative-outlook-gm-site/13804397/