Earlier this spring, Rensselaer County received an upgrade on the county’s already strong bond rating to an AA level. The upgrade is great news, as it comes during a long national recession and period of stress on many municipalities in the region.
The upgrade reflects on the positive financial management by County Executive Jimino and her team, and responsible decisions by legislators and department heads. A strong bond rating is a great way to attract new jobs and investment to the county, and puts the county in a position to continue recent economic development success. A strong bond rating also allows the county to borrow money for important projects at a favorable rate.
At the May 13 legislative meeting, the Legislature took advantage of our strong fiscal position and refinanced existing debt on the county nursing home, the Van Rensselaer Manor. The newer Manor was opened about twenty years ago, and replaced the older Manor, located on adjacent property on Bloomingrove Drive in North Greenbush. Current market conditions make this a favorable time for a refinancing at a lower interest rate, and the county’s positive bond rating further reduces costs.
The refinancing will help reduce costs and further help maintain the important senior care and services offered at the Manor. We look forward to other opportunities to generate a savings for the residents we serve.