Mamaroneck REVIEW THE
October 26, 2018 | Vol. 6, Number 44 | www.mamaroneckreview.com
Army Corps plan secures federal funding
Panther pride Jon Casas controls the ball during Rye Neck’s Oct. 22 Class B quarterfinal game against North Salem. The Panthers topped the Bears 2-0 to advance to the semifinal round, where they will take on Blind Brook. For story, see page 15. Photo Mike Smith
Moody’s downgrades county outlook to ‘negative’ Westchester County will retain its AA1 bond rating given by credit rating agency Moody’s, but with a major caveat. According to a statement from County Executive, George Latimer, a Democrat, Westchester’s credit AA1 rating—the second highest score attainable— was reinstated by Moody’s last week, although the county’s financial outlook was downgraded to “negative.” “This rating is certainly no surprise,” Latimer said. “We have known for some time now that the county is in serious financial stress. We are taking steps every day to improve our
footing, but the road ahead will be long.” At the heart of Moody’s rating is what the agency describes as financial instability stemming from a budget shortfall. According to projections given in August, Westchester County’s 2018 budget deficit currently hovers around $18.2 million, more than $14 million less than the shortfall initially projected in 2018. “[The] Negative outlook reflects the continued deterioration of the financial position resulting from large one-time expenses over the past two years and the need for incremental recurring revenues to structurally
balance financial operations,” the report stated. The $18 million shortfall will likely be affected by a recently ratified contract with the county’s Civil Service Employees Association—the county’s largest union representing 3,000 workers—which will add $27 million in back wages to an already strained operating budget. Due to revenue shortfalls, county lawmakers are now forced to consider raising taxes through the property tax levy. Latimer has said a tax hike is currently not on the table. Under his predecessor, former County Executive Rob As-
torino, a Republican who was elected in 2009, taxes were never raised. Astorino lost re-election to a third term in office in 2017, when he was defeated by Latimer.A shortfall may also increase the likelihood that the county will be forced to draw on its fund balance, which may further imperil its preferable bond rating. Westchester’s rating affects the county’s ability to borrow and issue bonds at preferential interest rates and could prove increasingly important as the Federal Reserve continues to increase borrowing rates. -Reporting by James Pero
A $70 million flood plan for the village of Mamaroneck took another step toward fruition after Congress passed a bill authorizing partial funding of the mitigation efforts, earlier this month. The bill, known as the Water Resource Development Act, WRDA, passed through the House of Representatives and Senate authorizing federal funding for a large-scale flood mitigation project long-sought by Mamaroneck officials that would transform portions of the Mamaroneck and Sheldrake rivers. “Floods have devastated the village of Mamaroneck, and ensuring their infrastructure is shored up and capable of protecting the village from the storms of the future is absolutely critical for both the regional economy and public safety,” said U.S. Sen. Chuck Schumer, a Democrat. “Simply put, we can’t wait any longer before we implement a better flood protection plan for the whole community, which is why we fought so hard to have the Mamaroneck-Sheldrake River project authorized in the 2018 WRDA bill.” The project, pending presidential approval, will move forward into the design and construction phase. Specifically, the flood mitiga-
tion plan, which has been in the works since 2007, would deepen and widen portions of the Mamaroneck and Sheldrake rivers in addition to constructing 7,500 feet of concrete retaining wall to reduce the effects of large-scale floods—the likes of which have caused millions of dollars in damage to the community over the past two decades. The federal government would foot 65 percent of the bill with the remaining 35 percent shared amongst New York State, Westchester County and the village. Of the $70 million total cost, the village of Mamaroneck would be expected to cover $8-$10 million of the funding. This iteration of a flood mitigation plan marks a second-coming of a previous flood mitigation effort dating back to the 1980s when a similar proposal from the Army Corps was sidelined due to lack of support from non-federal partners. According to the Army Corps initial study, the plan could decrease first-floor flooding in the village’s flood plain by 86 percent, and could significantly minimize the impact of storms like those seen in 2007, which incurred a total of $50 million in damage. -Reporting by James Pero
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