COLONIE—Town Supervisor Peter G. Crummey announced the town will eliminate longstanding debt owed to the New York State Comptroller, using funds from the General Fund to pay off approximately $15.5 million incurred between 2004 and 2017.
The debt stems from deferred contributions to the Employee Retirement System and the Police and Fire Retirement System totaling $8.4 million and $7.1 million, respectively.
“Such debt is received as a negative by bond raters, and I wish to free our town from such debt,” Crummey said. “Through our continued conservative management approach, the Town has accumulated a sufficient balance within the general fund to pay off this debt during the 2025 calendar year.”
The decision comes shortly after S&P Global Ratings upgraded the town’s bond rating from AA- to AA on March 5, following a review with town officials. It is the second upgrade during Crummey’s administration; the rating increased from A+ to AA- in 2022.
“This rating once again firmly places the Town in the ‘High Grade’ of ratings and also noted that this is the highest rating the Town has ever received,” he said.
Crummey said the administration’s approach to managing the town has strengthened the confidence of bond rating agencies. He noted that during their recent meeting, analysts pointed to the town’s consistent leadership and adoption of sound financial practices, such as implementing a fund balance policy and creating reserve accounts, as key factors in the rating upgrade.
Crummey said that eliminating the debt could positively impact future bond ratings. “I thank our Town’s workforce and Town Board for joining me in continuing to move our Town forward,” he said. “Working together, we continue to enhance our Town’s position as a great place to live, work, and play.”
