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Release Date: October 17, 2016

REMINDER >>> Greenburgh College Grad job Networking Group - PLANNING SESSION (to help graduates find great jobs!)
Please join us on Tuesday, October 19th at the Greenburgh Town Hall as we kick-off the planning session for the Greenburgh College Grad/Young Professionals Networking Group.  The purpose of the planning session is to discuss the design, format, content and development of the group. We plan to formally kick-off the first networking session in the new year.
Greenburgh Town Hall
October 19, 2016 - 11:00 a.m.  (Supervisor’s conference room)
177 Hillside Ave.
White Plains
Denise Stonsby, a corporate professional with Fortune 50 experience in networking and young professional career coaching and Michael Sacks, a 2015 graduate of Marist College will be hosting the session.
Am thrilled that Standard & Poor’s gave the town of Greenburgh their highest rating—AAA, a bond rating that few government entities receive! For governments – this is the closest thing to a report card! During my tenure as Supervisor our bond rating has been upgraded a few times—we’ve had the AAA bond rating since 2008.
US$10.19 mil pub imp (serial) bnds ser 2016 due 10/15/2036
S&P Global Ratings assigned its 'AAA' rating and stable outlook to Greenburgh Town, N.Y.'s series 2016 public
improvement serial bonds and affirmed its 'AAA' rating, with a stable outlook, on the town's existing general obligation
(GO) debt.
The town's faith-and-credit pledge secures the bonds. The town intends to use series 2016 serial bond proceeds to
finance various capital projects.
We rate Greenburgh above the sovereign because we believe the town can maintain better credit characteristics than
the nation in a stress scenario based on its predominantly locally derived revenue base and our view that pledged
revenue supporting debt service on the bonds is at limited risk of negative sovereign intervention. Intergovernmental
revenue from the federal government accounted for just 0.08% of the town's revenue base in fiscal 2015.
The rating reflects our opinion of the town's:
· Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA);
· Strong management, with good financial policies and practices under our Financial Management Assessment (FMA)
· Adequate budgetary performance, with balanced operating results in the general fund but an operating deficit at the
total governmental fund level in fiscal 2015;
· Very strong budgetary flexibility, with an available fund balance in fiscal 2015 of 36% of operating expenditures;
· Very strong liquidity, with total government available cash at 128.3% of total governmental fund expenditures and
13.2x governmental debt service, and access to external liquidity we consider strong;
· Weak debt and contingent liability position, with debt service carrying charges at 9.7% of expenditures and net
direct debt that is 84.6% of total governmental fund revenue, and a large pension and other postemployment benefit
(OPEB) obligation and the lack of a plan to sufficiently address the obligation, but low overall net debt at less than
3% of market value and rapid amortization, with 74.2% of debt scheduled to be retired within 10 years; and
· Strong institutional framework score.
Very strong economy
We consider Greenburgh's economy very strong. The town, with an estimated population of 91,530, is located in
Westchester County in the New York-Newark-Jersey City MSA, which we consider broad and diverse. The town has a
projected per capita effective buying income of 188% of the national level and per capita market value of $192,325.
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Overall, the town's market value grew by 7.4% over the past year to $17.6 billion in 2016. The county unemployment
rate was 4.6% in 2015.
Greenburgh is 25 miles north of New York City on the eastern bank of the Hudson River in southern Westchester
County, where residents enjoy various employment opportunities throughout Westchester County, northern New
Jersey, New York City, and Connecticut. The town is in one of the most affluent counties in the nation, demonstrated
by wealth and income that exceeds state and national averages and unemployment that is below state and national
averages. The primarily residential suburban town also has an extensive commercial base in Elmsford and Hartsdale.
Leading town employers include:
· Regeneron Pharmaceuticals (1,950 employees),
· Dannon Co. (600),
· U.S. Post Office (560), and
· Integrated Systems Management (500).
Greenburgh recently finished its first comprehensive plan to aid economic and residential development. Consistent
with the adoption of the comprehensive plan, Regeneron announced it is expanding its facility by one million square
feet. In addition, the town is developing several senior-housing projects. Greenburgh is also foreclosing on 60 homes it
will then sell, increasing its tax roll. One billion dollars in new construction is expected to be added to the town. The
town has recently completed its reassessment, and the state has approved the phasing in of the reassessment over two
Historically the town has had to contend with tax certiorari appeals. After the reassessment, however, management
indicates that the rate of reductions is expected to slow down and that although tax certiorari appeals remain
outstanding, they will declined in terms of numbers and value. Nonetheless, Greenburgh maintains conservative
policies and budgets reserves for these appeals annually. With the development currently ongoing in the town and the
reduction in tax certiorari claims, we would expect already very strong economic indicators to improve during the
outlook period, as well as outside the period.
Strong management
We view the town's management as strong, with good financial policies and practices under our FMA methodology,
indicating financial practices exist in most areas, but that governance officials might not formalize or monitor all of
them on a regular basis.
Management drafts the budget analyzing five years of historical data. Management's budgeting is conservative since
actual results typically outperform the budget. In addition, we consider budget monitoring sound with budget-to-actual
performance reported to the town board monthly. Officials indicate they follow a three-year financial forecast, but we
understand that the town has not formally adopted these forecasts and that it uses forecasts for internal budgeting.
Greenburgh maintains a three-year capital plan, but it typically handles capital needs funding in the current fiscal year
from ongoing operations.
The town's debt management policy outlines a debt ceiling equal to 5% of total equalized market value, and its reserve
policy dictates unreserved general fund and town-outside-village fund balances at a minimum of 8% of expenditures.
1737690 | 301478731
Summary: Greenburgh Town, New York; General Obligation
Management also follows an investment policy that complies with state guidelines, and it reports investment
performance and holdings to the board monthly.
Adequate budgetary performance
Greenburgh's budgetary performance is adequate in our opinion. The town had balanced operating results in the
general fund of 0.1% of expenditures, but a deficit result across all governmental funds of 5.3% of expenditures in fiscal
After adjusting for yearly transfers into and out of the general fund and town-outside-village fund, the town ended
fiscal 2015 with a nominal surplus. Previously, it expected to end fiscal 2015 with a slight draw on reserves; however,
mortgage taxes were strong and expenses were underbudget.
The town completed the fiscal 2016 budget, which was similar to the previous three fiscal year budgets; the town
remained within the parameters of the New York State tax cap. The budget calls for the use of about $1 million in the
general fund and $1 million in the town-outside-village fund. The town expects a slight draw on reserves in the general
fund at fiscal year-end 2016, but current expectations for the town-outside-village fund is positive.
With the expansion of Regeneron's property, the town expects an increase in fees and permits during fiscal 2016. In
addition, sales tax revenue is slightly higher than fiscal 2015. We expect Greenburgh to finish fiscal 2016 with similar
results to fiscal 2015, including a small general fund surplus and negative operating results across all funds as it
completes various capital projects.
Management expects to recoup its losses related to tax liens outstanding since it has formally initiated proceedings
against the properties subject to tax liens. Greenburgh plans to auction off these properties in 2017. The town is
currently preparing its fiscal 2017 budget.
Very strong budgetary flexibility
Greenburgh's budgetary flexibility is very strong, in our view, with an available fund balance in fiscal 2015 of 36% of
operating expenditures, or $32.4 million. We expect the available fund balance to remain above 30% of expenditures
for the current and next fiscal years, which we view as a positive credit factor.
We view reserves as available, including reserves designated as committed fund balance it could make available
through a simple motion of the board; available reserves have remained more than 25% of expenditures for the past
three fiscal years. Despite the small draw on general fund reserves projected for fiscal 2016, management does not
currently plan to draw on fund balance. Management, however, expects reserves to increase beyond fiscal 2016 levels
due to its efforts to recoup money from tax liens, coupled with strong expected revenue growth from new and existing
Very strong liquidity
In our opinion, Greenburgh's liquidity is very strong, with total government available cash at 128.3% of total
governmental fund expenditures and 13.2x governmental debt service in 2015. In our view, the town has strong access
to external liquidity if necessary.
Greenburgh's issuance of GO debt within the past 10 years demonstrates its strong external liquidity. Although the
1737690 | 301478731
Summary: Greenburgh Town, New York; General Obligation
state allows for, what we view as, permissive investments, we believe the town does not currently have aggressive
investments because it holds its cash and equivalents with Federal Deposit Insurance Corp. -insured commercial banks
or highly rated entities. The town does not have any contingent liquidity risks from financial instruments with payment
provisions that change upon the occurrence of certain events.
Weak debt and contingent liability profile
In our view, Greenburgh's debt and contingent liability profile is weak. Total governmental fund debt service is 9.7% of
total governmental fund expenditures, and net direct debt is 84.6% of total governmental fund revenue. Overall net
debt is low at 2.6% of market value, and approximately 74.2% of the direct debt is scheduled to be repaid within 10
years, which are, in our view, positive credit factors.
While Greenburgh typically goes to debt markets each year, we do not consider its future debt plans significant.
In our opinion, Greenburgh's large pension and OPEB obligation, without a plan in place we think will sufficiently
address the obligation, is a credit weakness. Greenburgh's combined required pension and actual OPEB contribution
totaled 12.5% of total governmental fund expenditures in fiscal 2015. Of that amount, 7.8% represented required
contributions to pension obligations, and 4.7% represented OPEB payments. The town made its full annual required
pension contribution in fiscal 2015. The funded ratio of the largest pension plan is 97.2%.
Greenburgh participates in the New York State & Local Retirement System and the New York State & Local Police &
Fire Retirement System (PFRS), both of which are defined-benefit, multiemployer, cost-sharing systems. The town has
not amortized any pension contributions. Its proportionate share of the local employees' retirement system's net
pension liability is $3.1 million, or 0.09% of the total liability. For the PFRS system, the town's proportion of the net
pension liability is 0.39%, or $1.09 million. The town offers OPEB, consisting primarily of health insurance coverage to
retirees, that it funds through pay-as-you-go financing. There is currently no ability under state statutes to accumulate
assets to fund the future liability. The town's OPEB unfunded actuarial accrued liability for governmental funds totaled
about $237.6 million as of Jan. 1, 2015, the latest valuation.
Strong institutional framework
The institutional framework score for New York towns is strong.
The stable outlook reflects S&P Global Ratings' opinion of the town's very strong finances, bolstered by strong
management practices and policies and adequate budgetary performance, contributing to very strong budgetary
flexibility and liquidity. We believe Greenburgh's very strong underlying economy, which benefits from its access to
New York City, provides rating stability. Therefore, we do not expect to change the rating within our two-year outlook
period. We also believe current and future economic development will likely further improve the town's already very
strong economic indicators and provide additional flexibility for various projects the town may not have budgeted for
in the past. However, if capital needs and pension and OPEB costs were to increase significantly, with a greater
portion of reserves used to fund costs, or if budgetary pressure were to occur that results in weakened liquidity and
budgetary flexibility, we could lower the rating.
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Summary: Greenburgh Town, New York; General Obligation
Ratings Detail (As Of October 17, 2016)
Greenburgh Twn GO
Long Term Rating AAA/Stable Affirmed
Greenburgh GO
Unenhanced Rating AAA(SPUR)/Stable Affirmed
Many issues are enhanced by bond insurance.
Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors,
have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria.
Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is
available to subscribers of RatingsDirect at www.globalcreditportal.com. All ratings affected by this rating action can
be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box
located in the left column.
1737690 | 301478731
Summary: Greenburgh Town, New York; General Obligation
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