County bond rating up, unemployment down
TROY, N.Y » Rensselaer County officials are pleased that its bond rating has a stable outlook and also that the county’s unemployment rate has dropped since January.
Rensselaer County Executive Kathleen Jimino recently announced that the latest unemployment rate for Rensselaer County has dropped to 3.9, which is a full point lower than what it was in the beginning of the year.
County officials said that currently, the unemployment rate for Rensselaer County is the 10th lowest in the State.
“Job creation is vital to sustaining and improving our local economy. We are proud of our efforts to help create an environment where businesses can thrive and create the local jobs our residents seek,” said Jimino.
Additionally, Jimino outlined the efforts the County takes to ensure those utilizing assistance programs are participating in work programs. This function is overseen by the Project Hire Unit operating within the County Department of Social Services. Employees in the Unit perform assessments on individuals and refer them to training programs or employment opportunities on a case by case basis. For the most recent data available, May of 2017, Rensselaer County ranked 7th in the State.
To further help individuals on assistance programs the County instituted a two part job fair focused on teaching job readiness skills helping to empower clients and remove obstacles to employment including help securing day care for children, transportation, resume writing, as well as personal budgeting. The initial job fair assisted 55 individuals with 31 receiving employment opportunities. Participating companies seeking potential employees included Accent Health, Living Resources, Spectrum, Speedway, and Berkshire Farms. Additionally, a separate job fair was recently held with Walmart where 54 participants interviewed for employment opportunities.
“We are committed to ensuring that individuals relying on the assistance programs we are required to offer are working towards self sufficiency,” said Jimino. “These programs that rely on our tax dollars are meant to assist individuals and families regain gainful employment. Our efforts will help reduce costs by helping people get back to work.”
Jimino also recently announced that Standard and Poor’s has affirmed the county’s bond rating of AA with a stable outlook by stating,
“We view the County’s management conditions as strong with good financial policies and practices,” the report from Stanard and Poor’s reads. According to Standard and Poor’s any entity achieving an “AA” rating means they have a “Very strong capacity to meet financial commitments”. The report also recognized the “County’s strong budgetary performance with a slight operating surplus in the general fund.”
“My administration has made the tough decisions to secure the County’s finances and ensure the sound fiscal management of our taxpayer’s hard earned dollars,” said Jimino.
Jimino, in discussing the steps she has taken to ensure the county’s fiscal health noted that she has cut nearly $45 million in departmental spending requests over the last 16 years while maintaining vital local services including those to pave, plow, and patrol our streets as well as veterans and senior services programs. Additionally, County budgets passed since the implementation of the State’s Tax Cap law, have all come in under the cap.
“This evaluation by Standard and Poor’s is proof positive that we are living up to our commitment to all the residents of Rensselaer County when we promise to offer the local services residents depend on at the lowest cost while ensuring that the County’s fiscal future is bright,” said Jimino