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Audit Identifies New Rochelle To Be In 'Great Financial Condition'

NEW ROCHELLE, N.Y. – Just a month after Moody’s Investors Services awarded New Rochelle its best bond rating in nearly a century, the city’s independent auditors delivered their annual financial report, identifying New Rochelle to be in “great financial condition.”

New Rochelle is in strong financial position after years of struggling with a declining local economy.

New Rochelle is in strong financial position after years of struggling with a declining local economy.

As part of the independent audit - which was performed by Harrison-based O’Connor Davies LLP - accountants “examined, on a test basis, evidence supporting the amounts and disclosures in financial statements; assessed the accounting principles used and significant estimates made by management and evaluated the overall financial statement presentation,” of the city for the fiscal year that ended on Dec. 31, 2014.

According to the auditors, sales tax receipts have reached a record level, which is indicative of the rebounding local economy and the city’s fund balance has been boosted to more than 5 percent of the operating budget. In addition, the government debt level is down to approximately $71 million, $40 million less than it was just a decade ago.

“The city has nine miles of shoreline, a culturally diverse population, an award-winning school system, extensive recreation and entertainment facilities, easy access to New York City and a full range of housing options, making New Rochelle a great place to live, work, relax and enjoy life,” the auditors wrote in the report. “The improving nationwide economy has enabled New Rochelle to bounce back from the effects of the global economic downturn that began in 2007.”

New Rochelle Mayor Noam Bramson noted that while the positive audit, as well as the positive outlook from Moody’s are signs the city is recovering from that economic downturn, there are still countless financial challenges ahead.

“The financial report is another data point - like the city’s recent positive outlook from Moody’s – that New Rochelle has finally emerged from the ‘Great Recession’ and is now in much stronger shape, he added. “Even so, our budgets remain very lean, a variety of public services are strained, our capital and infrastructure investments are a small fraction of what they need to be and many taxpayers are still struggling to pay their bills.

“This means fiscal responsibility and careful setting of priorities will remain vital going forward, and the economic growth must continue to be a primary focus of city policy.” 

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