By Dave Gatton
March 9, 2009

Schenectady (NY) Mayor Brian Stratton has received the Distinguished Local Government Leadership Award for outstanding financial leadership and revitalization efforts in his city. The award was presented on February 20 by the Association of Government Accountants in a special ceremony at the Ronald Reagan Building in Washington (DC).

“Schenectady’s achievements in fiscal management and economic revitalization are not the product of any single individual, rather the result of a true team effort,” the mayor said.

When Stratton took office in 2004, the city was on the brink of financial collapse, facing a $10.2 million deficit and the lowest credit rating by Moody’s Investors of any city in New York.

Under Stratton’s administration, Schenectady’s deficit was eliminated within two years, and the city finished 2007 with a cumulative surplus of $10.4 million. The city’s credit rating moved from Ba3 (negative outlook) to Baa1 (stable by Moody’s and a new credit rating of A- by Standard and Poor’s).

Working with government partners and private industry, Stratton has attracted more than $250 million of private investment, including a new movie cinema, hotel, restaurants, office buildings and retail development.

In presenting the award, AGA Executive Director Relmond Van Daniker said, “Mayor Stratton’s outstanding leadership skills and dedication to the financial management of the city of Schenectady have been tremendous.”