• Document Cloud
  • FOIL–Your Right to Know
  • See Through NY
  • Tax Exempt
  • Environmental Justice
  • Campaign Finance Reports

Preserve Ramapo

www.preserve-ramapo.com

  • Home
  • Join our email
  • Donate
  • Contact Us
  • About Us
  • The Archive
You are here: Home / East Ramapo Central School District / Christopher St. Lawrence / Ramapo residents can’t afford another bond rating decrease

Ramapo residents can’t afford another bond rating decrease

January 14, 2017 by Michael Castelluccio

At the last Ramapo Town Board meeting, Bill Weber spoke during the public participation portion of the Ramapo Town Board meeting. He questioned Supervisor St. Lawrence about the most recent Moody’s report which indicated that the Town of Ramapo was at risk of having its bond rating withdrawn or lowered due to the fact that they have not completed and filed their 12/31/2015 audited financial statements. Weber reminded St. Lawrence and the board that the town’s current bond rating is A3 and any further reduction would most likely put the bond rating somewhere in the B category, which would be a terrible outcome for the taxpayers of Ramapo.

Bill also questioned St. Lawrence about the hiring of a second accounting firm, as noted on their continuing disclosures that they filed on 1/1/2017 (as required by the SEC). St. Lawrence confirmed that the town currently has two accounting firms working to complete the 2015 and 2016 financial statements. He also stated that they intend on getting everything completed and submitted to Moody’s by the end of the month.  Webster expressed the hope that the town meets this deadline and will update everyone as more information becomes available.

The questions were the result of a Moody’s Investors Service rating action notice. On January 3, Moody’s notified Ramapo of the problem: “The review, they wrote, “is prompted  by the lack of sufficient, current financial information. If the information is not received over the next 30 days, we will take appropriate rating action which could include the withdrawal or lowering of the ratings.”

“The Town of Ramapo has a developing outlook reflecting uncertainty around the eventual outcome of the federal charges, including the possibility that the town’s financial position could be materially different than what was presented in previous audited financial statements.

The Journal News pointed out the following about the previous Ramapo auditor:

“Ramapo’s previous auditor was Mamaroneck-based PKF O’Connor Davies. In October, the Westchester firm and one of its senior partners agreed to pay more than a half-million dollars in penalties related to issuing fraudulent audit reports in connection with municipal bonds sought by Ramapo for the construction of its baseball stadium.”

Note: Bill Weber ran for a Town Board position in the last election and was defeated by St. Lawrence’s choice for the position Samuel Tress. Tress won on the strength of the bloc vote, but soon after he took his seat on the Board, evidence submitted by Preserve Ramapo to the Rockland District Attorney resulted in the indictment of Tress on several counts. It was the second time Samuel Tress was charged with felonies, and this action resulted in his guilty plea and removal from the Board. No apology to the public was offered by Supervisor St. Lawrence, who is facing 44 federal counts. The board also remained, characteristically, silent on the matter.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Filed Under: Christopher St. Lawrence, Ramapo Town Board

Preserve Ramapo tree no border

Preserve Ramapo online since 2003

Recent Posts

  • CUPON Chestnut Ridge—Meeting Tonight Tuesday Feb. 19
  • CUPON, born amid Ramapo over-development, goes countywide
  • Spring Valley Mayor Alan Simon disbarred for bad behavior as a judge
  • Airmont: Judge tosses Hasidic congregation’s legal action against village
  • Public Participation Meeting: Northeast Ramapo Charette Work-in-Progress Wed Jan 23

Archives

  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015

Calendar listing for Posts

February 2019
M T W T F S S
« Jan    
 123
45678910
11121314151617
18192021222324
25262728  

Follow us on Facebook

Follow us on Facebook

Other Links

Airmont,

Pomona,

Montebello,

Suffern,

Sloatsburg,

Hillburn,

Spring Valley,

Chestnut Ridge,

New Hempstead,

Wesley Hills,

Town of Ramapo,

Town of Clarkstown,

Rosa4Rockland,

Rockland Water Coalition

East Ramapo Central School District

Power of Ten -- East Ramapo for the Children,

Strong East Ramapo,

East Ramapo Videos,

Copyright © 2019 · News Pro Theme on Genesis Framework · WordPress · Log in