Moody’s Investors Service last week downgraded Johnson City two notches to A3 from A1 due to a declining general fund balance. The rating action affects $8.1 million of outstanding debt.

The upstate village’s general fund balance has declined to $234,000, or 1.6% of revenue, in fiscal 2009 compared to $929,000, or 5.9% in fiscal 2008.

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