Mayor Barlow announces City Credit Rating Upgraded
Oswego Mayor Billy Barlow made an announcement today regarding the City of Oswego's credit rating being upgraded from A2 to A1, reflecting a strong and improving financial position, supported by conservative budgeting, new fiscal policies, a positive economic outlook and steady tax base growth. The report, conducted by Moody’s Investor Services, is monitored by New York State and can help the City better compete for grants, attract investors and developers and is publicly posted annually.
"Our rating upgrade is a direct reflection of our conservative budgeting and our concerted effort to cut waste in city government, improve efficiency and streamline our operations. We've reduced expenses like department overtime and implemented a strategic return on investment driven strategy throughout City government and our rating upgrade proves that our approach is the right approach," Mayor Barlow said. "For three years we've made smart decisions, enacted tough budget cuts and wisely invested back into our community. Our rating upgrade proves we are on the right track, doing all the right things. I appreciate the effort of all the department heads and City employees in my administration, most notably our City Chamberlain Deborah Coad who advises me on city finances and assists with constructing the City budget," Barlow continued. "I'm proud of the work we are doing, alongside the Common Council, and the progress we made and look forward to continuing our good work together moving forward."
President of the Oswego Common Council Robert Corradino also praised the rating upgrade and re-affirmed the Council's support previous policies and decisions over the last few years. "The upgrade of the City's credit rating is confirmation of all the hard work that Mayor Barlow, department heads and the Common Council have done over the past three years. The Common Council will continue to support the momentum that helped produce this upgrade in our financial rating and there is no doubt we are making progress in all areas of City government," Corradino said.