Syracuse, N.Y. — In the aftermath of a contentious budget battle between Syracuse Mayor Ben Walsh and the city’s lawmakers, a major municipal credit rating agency is giving the city a strong financial review.
Moody’s Ratings on Friday issued an A1 bond rating with a stable outlook for the city. Among several factors, the agency cited Syracuse’s strong base of reserve funds, which became a point of division in this year’s budget process.
“The A1 issuer rating reflects the city’s solid financial position with available fund balance of approximately 33% of revenue at the close of fiscal 2024 and considerable growth prospects,” Moody’s stated in a news release. “These positive factors, coupled with proactive management, help offset some notable credit challenges such as weak resident wealth and income (resident incomes were 61% of the US in the most recent year). The city remains the economic hub for a substantial portion of upstate New York … and benefits from a substantial medical and education presence.”…