Eastchester REVIEW THE
0ctober 26, 2018 | Vol. 6, Number 44 | www.eastchesterreview.com
Moody’s downgrades county outlook to ‘negative’
BUSTIN’ BRONCOS Rachael Peacock dribbles the ball during Bronxville’s Oct. 23 Class B semifinal game against Westlake. Peacock had a goal in the Broncos’ 4-0 win. For story, see page 15. Photo/Mike Smith
Westchester offers free help with health insurance enrollment Free assistance is available to help individuals and small businesses enroll or renew their health coverage with NY State of Health, the official health plan Marketplace. The Westchester County Department of Health Navigator Program offers in-person assistance in multiple languages at no charge. The 2019 Open Enrollment period for the Marketplace will begin Thursday, Nov. 1 and will run through Jan. 31 for all new applicants. For health coverage to begin on Jan. 1, residents must enroll in a plan by Dec. 15. For anyone currently enrolled in the Marketplace, the Open Enrollment period will begin on Nov. 16. Renewal information for 2019 will be sent directly to enrollees from the NY State of Health. Anyone who wants to can enroll in a Qualified Health Plan,
Westchester County is offering free assistance to help individuals and small businesses enroll or renew their health coverage with NY State of Health, the official health plan Marketplace.
QHP, during the Open Enrollment period. Enrollment in Medicaid, Child Health Plus, the Essential Plan and the Small Business Marketplace is available all year round. Navigators are available at 24 sites including Health Department offices, libraries, community-based organizations and government agencies. Weekday, evening and weekend hours are available. For more information on navigator services, locations or to schedule an appointment, call 995-6350 or email hnav@westchestergov.com. To learn more about health coverage, go to nystateofhealth. ny.gov or call 1-855-355-5777. The NY State of Health customer service hours are Monday to Friday, 8 a.m. to 8 p.m., and Saturday, 9 a.m. to 1 p.m. For more health information, go to westchestergov. com/health. (Submitted)
Westchester County will retain its AA1 bond rating given by credit rating agency Moody’s, but with a major caveat. According to a statement from County Executive, George Latimer, a Democrat, Westchester’s credit AA1 rating—the second highest score attainable—was reinstated by Moody’s last week, although the county’s financial outlook was downgraded to “negative.” “This rating is certainly no surprise,” Latimer said. “We have known for some time now that the county is in serious financial stress. We are taking steps every day to improve our footing, but the road ahead will be long.” At the heart of Moody’s rating is what the agency describes as financial instability stemming from a budget shortfall. According to projections given in August, Westchester County’s 2018 budget deficit currently hovers around $18.2 million, more than $14 million less than the shortfall initially projected in 2018. “[The] Negative outlook reflects the continued deterioration of the financial position resulting from large one-time expenses over the past two years and the need for incremental recurring revenues to structurally balance
financial operations,” the report stated. The $18 million shortfall will likely be affected by a recently ratified contract with the county’s Civil Service Employees Association—the county’s largest union representing 3,000 workers— which will add $27 million in back wages to an already strained operating budget. Due to revenue shortfalls, county lawmakers are now forced to consider raising taxes through the property tax levy. Latimer has said a tax hike is currently not on the table. Under his predecessor, former County Executive Rob Astorino, a Republican who was elected in 2009, taxes were never raised. Astorino lost re-election to a third term in office in 2017, when he was defeated by Latimer.A shortfall may also increase the likelihood that the county will be forced to draw on its fund balance, which may further imperil its preferable bond rating. Westchester’s rating affects the county’s ability to borrow and issue bonds at preferential interest rates and could prove increasingly important as the Federal Reserve continues to increase borrowing rates. -Reporting by James Pero
Credit Rating Agency Moody’s will retain the county’s AA1 bond rating but downgrade its financial outlook as “negative” due to ongoing financial stress.