County Executive Bellone Statement on Fitch Rating Service Downgrade
Categories: County Executive |
Posted: 5/23/2012 |
"This downgrade is a reflection of the fact that Suffolk County has a structural deficit which was identified by the Fiscal Task Force I appointed," said County Executive Bellone. "Fitch cites a "persistent structural imbalance," which was not created overnight. This structural imbalance has existed since 2008 and has now brought us to the point of depleted reserves. However, this administration is committed to return Suffolk County to a structurally balanced budget and we have strong partners in the Suffolk County Legislature who are willing to make the tough, necessary decisions to address our fiscal crisis and make sure we protect taxpayers."