Moody’s Rating Affirms Schenectady County’s Economic Development Efforts and Financial Performance Jul 13, 2006 (Schenectady, NY) Legislature Chairwoman Susan Savage announced Thursday that Moody’s Investor Services has assigned a bond rating of Aa2 to Schenectady County’s pending $13 million general obligation serial bond issue. At the same time, Moody’s has removed the negative outlook that was assigned to the County at the time of last year’s bond issue, reflecting the County’s return to structural balance in fiscal year 2005 and balanced operations in fiscal year 2006.
The bond proceeds will be used to pay back the N.Y.S. Department of Tax and Finance for amounts that were determined to have been overpaid to the County as a result of sales tax audits covering the period, September 1, 1996 through May 31, 2004.
“Moody’s affirmation of the Aa2 rating and the removal of the negative outlook is further acknowledgement that the county is moving in the right direction,” said Savage. “We continue to expand our tax base through aggressive economic development efforts, we are building healthy reserves in the county coffers and are managing the county’s debt in a responsible manner.”
Moody’s Aa2 rating and removal of the negative outlook are positive indicators that reflect the investment community’s view of the County’s economic development and financial performance. Moody’s noted that “full value returned to positive growth in 2001 (1.7%) and has averaged 6.6% annual growth over the past five years, including healthy increases in excess of 11% over the past two years — largely reflective of market value appreciation.” Moody’s added that the tax base “is expected to continue to grow over the mid-term reflecting the benefits of a significant economic development effort in the county.”
Only two counties in New York State are rated higher than Schenectady County by Moody’s.
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Ratings agencies, in particular Fitch, Moody's and Standard and Poors have been implicitly allowed by the government to fill a quasi-regulatory role, but because they are for-profit entities their incentives may be misaligned. Conflicts of interest often arise because the rating agencies, are paid by the companies issuing the securities — an arrangement that has come under fire as a disincentive for the agencies to be vigilant on behalf of investors. Many market participants no longer rely on the credit agencies ratings systems, even before the economic crisis of 2007-8, preferring instead to use credit spreads to benchmarks like Treasuries or an index. However, since the Federal Reserve requires that structured financial entities be rated by at least two of the three credit agencies they have a continued obligation. Many of the structured financial products that they were responsible for rating, consisted of lower quality 'BBB' rated loans, but were when pooled together into CDOs they were assigned a AAA rating. The strength of the CDO was not wholly dependent on the strength of the underlying loans, but in fact the structure assigned to the CDO in question. CDOs are usually paid out in a 'waterfall' style fashion, where income received gets paid out first to the highest tranches, with the remaining income flowing down to the lower quality tranches i.e. <AAA. CDOs were typically structured such that AAA tranches which were to receive first lien (claim) on the BBB rated loans cash flows, and losses would trickle up from the lowest quality tranches first. Cash flow was well insulated even against heavy levels of home owner defaults. Credit rating agencies only accounted for a ~5% decline in national housing prices at worst, allowing for a confidence in rating the many of these CDOs that had poor underlying loan qualities as AAA. It did not help that an incestuous relationship between financial institutions and the credit agencies developed such that, banks began to leverage the credit ratings off one another and 'shop' around amongst the three big credit agencies until they found the best ratings for their CDOs. Often they would add and remove loans of various quality until they met the minimum standards for a desired rating, usually, AAA rating. Often the fees on such ratings were $300,000 - $500,000, but ran up to $1 million. [1]
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The assessment, which began in 2005, brought the town up to full market value of assessed properties after being at 2.95 percent for years.
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Should I vote for Conservative/Republican endorsed Viscusi/Barrie, or Conservative/Democrat endorsed Vellano/Dagastino?
GB-Help me decide in terms of left and right on the political spectrum, who to vote for?
Isn't Vellano a Conservative/Democrat/ex-Republican candidate that voted with Democrat Paulino on the reassessment as a registered Republican?
Don't pay attention to party affiliation in Schenectady County. It's all a convoluted mess amongst the political parties in Schenectady County. The major and minor party leaders don't care about the candidates ideology, but rather their level of obedience to the party leaders. Just look at Suhrada, he flip flopped his position on virtually the same issue(Glendale/REMS) and accepted an endorsement for a seat held by an ideological conservative Republican in Mertz.
Take a drive around town, Mertz/O'Connror seem to have an awful lot of support. And what I notice is, most of their signs are located on people personal property, not just on public land. Why would the Republican Party drop him if he's so popular?
The No New Tax Party delivers a clear message that everybody can agree on and understand. If you vote either Democrat OR Republican, you're going to get more of the same double talking politicians that are looking to take care of themselves and their crony's.
GB, I am curious on you answers to cicero's post. Basically, my question would be....why should I or you vote for an endorsed rep? And don't tell me 'because they aren't dems' or the crap about one party rule. Give me a platform based on rep ideology. And the same question would be to the endorsed cons. CONVINCE ME!
Funny how people are pissed at their taxes due to the reval and everyone is blasting the present administration for it. When it was done on Paolino and vell's watch. And what makes it really funny is how vell is now politically associated with the same dems that are promising to fix the tax problem their own fellow con/dem helped create.
And ya wonder why more people are looking to the no new tax party candidates.
Excellent bond rating, flat tax levy, brought back fairness and ended political favoritism ( the Republicans don't just "lower" peoples' assessments because they know them like they used to do in rotterdam,) haven't bowed into the pressure from the richest and highest in town, or from special interests, worked to solve problems that have been hanging around for decades( water pressure in Junction, drainage in Masullo ...you are welcomed, Mike... roads that were crumbling, code enforcement, people getting sweetheart deals on assessments b/c they never got building permits) yeah, I know a lot of people are sore over John Mertz. Fair enough. A lot don't like Parisi, fair enough. But overall the ideals of strong public safety, fair taxes, conservative spending, have not been thrown by the wayside by the Republicans in Rotterdam. And one of the great reasons really IS to keep Chris Gardner, Don Deangelus and the whole "old crew" from coming back and running things like a private club where ya gotta' be connected and have money to get places and get things done. Quite honestly those so-called community leaders raising $45-50 grand in one sitting at Mallozzis for the Dems are not in the Republican corner and never have been.
Like senders says, Follow the Money. Nobody raises that kind of dough from little old pensioners at $25 a pop. Somebody wants something and they are paying to get it starting Jan. 1.
Maybe in a perfect world there would be no gripe with the leadership but I truly believe that we all know how things were in this town, and they are not anywhere near like that under this administration in terms of fairness, backroom deals, favoritism, and dealing with issues. At the end of the day, we can have "no change" and crew, or we can have the current town leadership. In my opinion there is no comparison. We know it in our hearts. The road will fork on Tuesday night when the votes are counted, one way or the other; that is where we make choices as to who will run the town's business for the next 2 years.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
worked to solve problems that have been hanging around for decades( water pressure in Junction, drainage in Masullo ...you are welcomed, Mike... .
Perhaps I'm wrong here, but I detect some bitterness here. Or perhaps a feeling of betrayal. Isn't it possible that Mike, along with many people feel that Mertzie was not only the one who worked the hardest and played a monumental part on the Masullo issue, but was key to the entire town board? That Mike along with others still wanted mertzie on the board. Or at least a choice on a ballot. Hence, Mike comes on the scene.
As far as Mike, he has been nothing but a concerned resident in rotterdam. He clearly owes no one nothin'. Just the taxpayers......if elected.
Back to dago and vell....if elected, they will just grow the liberal beast that you speak of. Littlefield will get my vote!
But thanks for answering the post.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Mike should be happy that they actually listened, and worked on getting it done. And now, when and if the Democrats win, we can see if they follow through with it. But Mike isn't interested in that, he would rather work to destroy the Republican party and get the Democrats elected.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
But Mike isn't interested in that, he would rather work to destroy the Republican party and get the Democrats elected.
I thought that Michael was working to get himself and Mertz elected. Guess that I don't understand politics as well as GrahamBonnet who seems experienced in playing the game.
Mike should be happy that they actually listened, and worked on getting it done. And now, when and if the Democrats win, we can see if they follow through with it. But Mike isn't interested in that, he would rather work to destroy the Republican party and get the Democrats elected.
I believe that you are way off base here. Perhaps Mike or others think this won't get done with Mertz out! Didja ever think of that? The reps can pull the same nonsense as the dems and cons.
Now there go those reps thinking that just because they chose not to endorse someone and that person is going to run anyway, is cause for destruction of the party. Come on now!
Just because a political party choses not to endorse someone, does not automatically make that party's choice correct or what just might be right for the taxpayers. Do you HONESTLY think that Barrie was a better choice than Littlefield? Clearly not! Any numbskull can figure that one out!
Stayin on topic....do you honestly think that dago is a better choice for the taxpayers? Clearly not!
Come on let's level the playing field here!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
If you oppose the expansion of government by creating a NEW taxing district and a larger public unionized workforce like the current Republican leadership is proposing, then you are destroying the Republican Party. If you don't hold the same views and go along with Parisi, Suhrada, Signore, or Tommasone, you're a heretic, and must be purged from the party. In GB's view (a very bias one I might add), those who speak ill of the party must be silenced. These 4 candidates running on the NO NEW TAX PARTY line should be ashamed for taking the time and effort to circumvent the two party system in Schenectady County. Only if these "rouge" candidates spent more time at "the Villa" sucking on scotch, maybe they would have received the party endorsement from the powers that be. Like the conservative democrat they endorsed for town council in the last election. As you can see, the attacks have begun by questioning the intentions of Mike and the rest that took the time and effort speaking to the residents to get a line on the ballot. I on the other hand question the intentions of the party endorsements. GB believes Mike should shut his mouth and be grateful that town leadership even addressed the water problem in his neighborhood. How dare Mike bite the hand that feeds him - right GB.
The Republicans have brought this on themselves by abandoning what used to be their core value of fiscal restraint. The parties have become mirror images of each other. We need new blood into politics without coercion from the party bosses to send a message that we the people have had it with high taxes and officials who care more about the party than the people who elect them.
The party bosses understand that the NO NEW TAXES PARTY has caught on. That's why they are spinning their candidates even if they have a long history of raising taxes or support the town reval as some sort of fiscal conservatives.
Throw the junk mail in the garbage pail. If Vellano and DAG are opposed to OBAMACARE why don't you provide the proof? Point to one KRAT in NYS who is against OBAMACARE. Paul Tonko? lol. And no it's not a County issue but shows (again) the masquerading that's going on to receive the crucial CONS line.
Don't believe any poll on a primary. The best idea is for REPS and CONS to turn out and take back their parties.
Just what I thought, your words are no better than the junk mail I get every election cycle. Just say whatever you like regardless of the truth...
In other words-you have no contradictory proof. More fake outrage. Why doesn't Judy DAG issue a press release with her position on the matter? No that would clear it up. She will do want she does at every County meeting-say nothing.
Benny's point is that polls have consistently shown that Democrat voters and candidates support Obama and his efforts to remake America in the socialist image. Both Judy and Holly were once conservative Republicans. So people are wondering about their views. Usually when you run with a party that has a socialist national platform and is pro-illegal immigrant and pro-criminal rights, punished terrorists by sending them to a resort in Bermuda, and pro-takeover of healthcare, pro-welfare galore, etc. -people wonder if you espouse those views. I doubt they really do, I just think they are running as Democrats because it is conveinient and they don't personally like the local Republicans. But the party backing will expect certain things once they are in. When you switch parties, you leave a lot of confused people.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
Benny's point is that polls have consistently shown that Democrat voters and candidates support Obama and his efforts to remake America in the socialist image. Both Judy and Holly were once conservative Republicans. So people are wondering about their views. Usually when you run with a party that has a socialist national platform and is pro-illegal immigrant and pro-criminal rights, punished terrorists by sending them to a resort in Bermuda, and pro-takeover of healthcare, pro-welfare galore, etc. -people wonder if you espouse those views. I doubt they really do, I just think they are running as Democrats because it is conveinient and they don't personally like the local Republicans. But the party backing will expect certain things once they are in. When you switch parties, you leave a lot of confused people.
Well stated! And probably accurate. However, I doubt very much that dago and vell are THAT conservative and should be ashamed to say otherwise. As well as the con party for endorsing them. Ya know what they say.....if ya walk like a a** donkey, you probably are a a** donkey.
Why didn't vell just take the con endorsement and primary the rep line? Why take the dem endorsement, which is a polar opposite in ideology? Like I said....I don't agree with cross endorsements. It's all political nonsense.
Again....Just flip the no new tax party levers ONLY!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
THANK YOU JUDY AND HOLLY YOU WILL BE JOIN UP OVER THERE WITH EUNIE AND FRANNIE IN THE WIN AND DOMINICK WILL BE IN BIG %80 OR MORE THANK YOU PEOPLE FOR THIS
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The party bosses understand that the NO NEW TAXES PARTY has caught on. That's why they are spinning their candidates even if they have a long history of raising taxes or support the town reval as some sort of fiscal conservatives. 
