NEW ROCHELLE, N.Y. (December 11, 2025) — The City of New Rochelle reported a decrease in net position of $9,207,364 for the fiscal year ended Dec. 31, 2024, according to its annual comprehensive financial report.
SEE: City of New Rochelle Annual Comprehensive Financial Report December 31, 2024
The city’s total net position stood at a deficit of $179,117,390 as of Dec. 31, 2024. Governmental activities showed a net position deficit of $203,887,130, while business-type activities recorded a positive net position of $24,769,740.
The report, audited by EFPR Group, CPAs, PLLC, received an unmodified opinion, meaning the financial statements are fairly presented in accordance with generally accepted accounting principles.
In a letter of transmittal dated Nov. 5, 2025, Finance Commissioner Edward Ritter wrote that management assumes full responsibility for the completeness and reliability of the information. “Management asserts that to the best of our knowledge and belief, this ACFR is complete and reliable in all material aspects,” the letter stated.
The report highlighted ongoing downtown revitalization efforts, including multiple mixed-use developments under construction and completed projects. It also noted the city’s Aa2 credit rating from Moody’s Investors Service as of Nov. 8, 2024.
The city issued $42,680,000 in bonds during the year, with a premium of $2,208,894, set to mature in 2054 at interest rates of 4% to 5%.
A new police union agreement resulted in significant retroactive pay, leading to an expected one-time expenditure of approximately $8,000,000 in the general fund.
The report was prepared for submission to the Government Finance Officers Association’s Certificate of Achievement for Excellence in Financial Reporting program, marking the city’s pursuit of its 33rd consecutive award.
This article was drafted with the aid of Grok, an AI tool by xAI, under the direction and editing of Robert Cox to ensure accuracy and adherence to journalistic standards.
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