COLONIE, N.Y. ( NEWS10 ) — The Town of Colonie announced plans to pay off a longstanding debt to the New York State Comptroller’s Office, Town Supervisor Peter Crummey confirmed on Thursday. The municipality incurred the debt between 2004 and 2017.
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During the 13 year span, Colonie deferred around $8.4 million of contributions to the Employee Retirement System and about $7.1 million to the Police and Fire Retirement System by borrowing from the comptroller. Eight years after the period, the town expects to be able to pay off the debt this year.
“Such debt is received as a negative by bond raters and I wish to free our town from such debt,” Town Supervisor Crummey stated. “Through our continued conservative management approach, the town has accumulated a sufficient balance within the General Fund to pay off this debt during the 2025 calendar year.”
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In March, S&P Global Ratings raised its bond rating for Colonie from “AA-” up to “AA,” according to the town. Crummy stated that Colonie’s payment should positively impact future bond ratings, since the town will no longer carry a debt designation with the program.
“This Administration’s effective approach to town management has provided the bond raters increased faith and confidence in this administration. During our meeting with the bond raters, they considered the steady hand of current town management with the adoptions of well-conceived town budgets, including, the addition of a fund balance policy and the establishment of reserve funds,” Crummey said. “I thank our workforce and Town Board for joining me in continuing to move our town forward. Working together, we continue to enhance our town’s position as a great place to live, work and play.”…