Its report, dated April 9, states that the City of Oneonta, with its strong management and good financial policies and practices, has been able to earn this rating despite Oneonta’s weak economy.
Oneonta Mayor Gary Herzig credited Finance Director Meg Hungerford. “Meg guides the Council and department heads towards conservative budgeting, while giving them the flexibility required to meet the changing needs of the people of the City of Oneonta,” he said.
The report states that the Council is provided with quarterly budget-to-actual reports and approves five-year financial and capital plans annually which identify local needs and detail funding uses and sources, according to a press release from City Hall.
The City of Oneonta has maintained strong reserve levels, in compliance with its formal fund balance policy, setting an unassigned fund balance target of 35 percent of expenditures for the purpose of managing emergency conditions.
Standard & Poor’s indicates a stable outlook for the City of Oneonta, adding: “If the economy were to strengthen to the level of higher-rated peers and there were no changes in budgetary flexibility, holding all other factors equal, we would consider raising the rating”.
Looking forward, the report does note that Oneonta’s population has stabilized and that New York State has selected the City as a site for $10 million of state investment over the near term.