With that, Fitch believes that the county has largely exhausted its ability to cut spending and that long-term structural balance must be driven by revenue enhancements
While forecasts for 2006 show a $10 million fund balance draw-down, town officials are targeting recurring revenue enhancements
for 2007 in order to maintain its fund balance above the policy minimum of 20% of town-wide spending.
The Negative Rating Outlook reflects the ongoing challenges the county faces determining and implementing significant recurring revenue enhancements
and real expenditure savings, eliminating its large reliance on one-shots.
The upgrade to 'A-' reflects the county's continued overall improvement in the quality of financial management including efforts to institutionalize development of comprehensive reporting and planning documents currently required by NIFA; the conservative nature of budget forecasts that show growing reserves; careful planning of expenditures, both mandated and discretionary; and demonstrated and accelerated progress towards achieving plan initiatives in the areas of labor concessions, workforce reduction, assessment reform, and revenue enhancements
BigBand Networks has announced several additions to the functionality of BigBand Ad Splicing Gateway to enhance existing installations by enabling further cost savings and revenue enhancements
Local government budgets in the Northeast already incorporate revenue enhancements
and cost savings solutions, so the options available to maintain a steady financial position for 2004 are limited,' said Jessalynn Moro, director, Fitch Ratings.
The city's aggressive action to date on its contingency plan is viewed favorably, but Fitch expects that similar decisiveness will also be needed on revenue enhancements
in the coming months, either through state approval of the tax package, or local action.