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MOODY's CITES TOWN FOR OUR SOLID FISCAL MANAGEMENT
Release Date: October 07, 2005

Moody’s and Standard & Poors Bond Rating Agencies have given the town outstanding bond ratings—praising the town for ‘our solid fiscal management’ & our ‘strong financial position’.

 

Moody’s assigned the town an Aa1 rating –the 2nd highest rating a locality can receive.  Moody’s said in their October 3rd, 2005 report that “the rating incorporates the town’s strong financial position with substantial reserves, large residential and commercial tax base with strong property value appreciation and significantly above average wealth levels, and below average debt burden.” Moody’s complimented the town for its “SOLID FISCAL MANAGEMENT”. Moody’s anticipates that the “town’s $16.4 BILLION tax base will remain stable despite significant tax appeals.”  Full value in Greenburgh has grown at an average annual rate of 12.9% over the last five years, indicative of significant market value appreciation. Moody’s believes that the town’s direct debt burden (0.3% of full value) will remain well below average given rapid principal payout (76% in 10 years) and moderate borrowing plans.

 

Standard & Poors gave the town an AA+  rating. They cite, in their October 4  report “the stable employmentbase”. And, mention that the town has a “high rate of tax collection-an average of 99% over the past five years. “Greenburgh’s financial position has consistently been strong with very high fund balance reserve levels.”  S & P also expect the town to “successfully manage its low debt burden.”

PAUL FEINER
GreenburghTownSupervisor

 




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