Ryan: Binghamton Audit Not Ready Yet
Audit information being sought from the city of Binghamton by Moody's Investors Service still isn't available. But Mayor Matthew Ryan says he expects it should be ready soon.
Binghamton's credit rating took a hit in January when the major ratings service announced a downgrade, criticizing the city for "consistently late financial statements."
Ryan acknowledged the financial information Moody's wanted had not been provided on time. He said he expected the planned audit would be done by the end of March.
But today, speaking on WNBF Radio's Binghamton Now program, the mayor said the process was delayed for a "couple of months" because a new firm has been hired to do the auditing.
Ryan said he believes the work should be done "any time now." He said Moody's representatives contacted the city again this week seeking the information.
The mayor said he believes Binghamton's credit rating will "go back up" after Moody's reviews the complete audit information.
Ryan said city representatives may be back in touch with Moody's officials next week to discuss the audit situation.
In its January downgrade notice, Moody's expressed concern about Binghamton's "high debt burden." The agency indicated it had placed the city's long-term and short-term rating under review because of the "unclear financial picture across all of the city's funds."