GREENBURGH BOND RATING UPGRADED TO HIGHEST POSSIBLE RATING AAA BY STANDARD & POORS
Release Date: April 17, 2008
GREENBURGH RECEIVES BOND RATING UPGRADE TO AAA
LESS THAN 3% OF ALL MUNICIPALITIES HAVE THIS RATING--- BEDFORD, HARRISON HAVE SIMILAR RATINGS IN WESTCHESTER
TOWN IS REFINANCING BONDS---TO SAVE $275,000 OVER 8 YEARS
GREAT NEWS----------I have been advised that the Town of Greenburgh’s bond rating has been UPGRADED to AAA, the highest rating a municipality can receive from Standard & Poors Bond Rating Agency. I spoke to the Standard & Poors analyst who was assigned to review Greenburgh’s finances. He indicated that very few municipalities in New YorkState (less than 3%) have AAA bond rating. In WestchesterCounty the following communities also have earned the prestigious AAA bond ratings from Standard & Poors: Bedford & Harrison. The last time S&P upgraded the town’s bond rating was in 1998 when our bond rating was increased to AA+. A high bond rating reduces interest rates.
Moody’s (another bond rating agency) maintained the town’s bond rating agency as Aa1 (the 2nd highest rating) and commented on the “town’s healthy financial position driven by strong financial management, affluent and sizable tax base and low debt position with rapid payout.” Moody’s also said that they expect “that Greenburgh will continue to maintain healthy financial operations given formally adopted financial policies, long term planning and a stable revenue mix.”
This is fantastic news for the town. Members of the Town Board ( Sonja Brown, Diana Juettner, Kevin Morgan, Francis Sheehan & I ) have been working with our Comptroller’s office ( Comptroller Mike Kolesar and Deputy Comptroller Bart Talamani) –trying to manage our budget and finances in the most efficient manner possible. Late last year the Town Board approved a fund balance policy for the town. We are tightening up fiscal controls. We are refinancing our bonds –which will save taxpayers about $275,000 over 8 years. Town residents face a bigger than usual tax hike this year. We have learned from the 2008 budget process. A new citizens budget advisory task force has been working hard—providing town officials with input that will help us give the taxpayers great value for their dollar. We can handle the up’s and down’s of the economy and will work harder than ever to run the most efficient government possible.
I would like to thank the Town Board, Comptroller Mike Kolesar, Deputy Comptroller Bart Talamani, the entire town staff & community volunteers for working as a team. A copy of the report will be released in it’s entirety after it is publicly released by S & P.