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Ithaca faces credit challenges amid audit delays brought on by COVID-19 pandemic

  • / Updated:
  • Staff Report 

Moody’s withdrew the City of Ithaca’s credit rating due to incomplete financial reporting, a setback attributed to audit backlogs and the aftermath of pandemic-related disruptions.

According to The Ithaca Voice, the ratings firm cited a “lack of sufficient information” for its decision, highlighting the city’s delayed submissions, including the most recent audit for the fiscal year 2020.


City officials, including Acting City Controller Scott Andrew, clarified that fiscal stress wasn’t the issue but rather the delay in reporting. Efforts to catch up on audits are underway, with expectations to complete the 2021 audit by mid-May.

The situation underscores the pandemic’s impact on municipal operations, with Ithaca’s financial reporting delays predating COVID-19.