The Village of Croton-on-Hudson continues to demonstrate strong financial health, as highlighted by several recent reports and announcements. The New York State Comptroller’s Office has designated the Village as free of fiscal stress, awarding it a
fiscal stress score of 3.3 (where lower scores indicate less stress) and a perfect 0.0 for environmental stress in its most recent review.
As part of the Comptroller’s Office recently released 2024 Fiscal Stress Rankings for municipalities statewide, the Village of Croton-on-Hudson earned the best rating of “No Designation,” signifying no indication of fiscal susceptibility at this time. Municipalities receive both a fiscal and an environmental stress score, and a “No Designation” means the system doesn’t identify any significant, moderate, or susceptible levels of fiscal stress. The Environmental Stress score considers factors outside of the Village’s direct control, such as population changes, poverty levels, tax base, unemployment rates, and state/federal aid.
Croton-on-Hudson has consistently maintained a solid financial position over the past decade, according to the New York State Comptroller’s Fiscal Stress Monitoring System (FSMS). Since the Comptroller’s office developed the FSMS, the Village has not been classified under any fiscal stress category, indicating ongoing financial stability.
Adding to this positive financial outlook, Moody’s Investors Service has affirmed the Village’s Aa2 credit rating, reflecting its healthy financial position, strong reserves, and stable local economy.
In addition, the Village of Croton-on-Hudson concluded fiscal year 2024 with its third consecutive budget surplus, totaling $442,673. An independent audit conducted by PKF O’Connor Davies on December 18, 2024, resulted in an “unmodified opinion,” the highest level of assurance. This surplus has been allocated to fund capital projects, allowing the Village to avoid incurring debt and increasing taxes for property owners.
“The Village of Croton-on-Hudson’s sound financial stewardship, evidenced by the Comptroller’s ‘No Designation’ for fiscal stress, provides a robust foundation for investing in our future while ensuring continued stability for all residents. Despite challenges including the COVID-19 pandemic, which hammered revenues from our parking lot and historic inflation, which raised the costs of the supplies the Village uses to serve residents, we have been able to control taxes, cut debt and add to our reserves. I extend my sincere gratitude to our Village Manager, Treasurer, and the entire Board of Trustees for their diligent work in keeping us on the right track,” stated Mayor Brian Pugh. Looking ahead, the tentative Village budget for 2025-2026, initially published on March 20th and subject to a public hearing on March 26th, is projected to further strengthen the Village’s
finances. This budget anticipates lowering the Village debt by over $600,000, continuing a trend of cutting Village debt by approximately $9 million from its peak in 2016-17. The Board of Trustees is scheduled to vote on the tentative budget on Wednesday, April 23rd.
