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GREENBURGH RECEIVES VERY HIGH MARKS FROM BOND AGENCIES...
Release Date: September 27, 2006

GOOD NEWS!  Greenburgh received very high marks from bond rating agencies.

 

MOODY”S  assigned town an Aa1 rating (2nd highest rating) and expects “the town to maintain strong financial operations given a trend of ample reserve levels, solid fiscal management, and an excellent property tax collection rate.” They mentioned our “conservative budgeting of contingencies and expenditures across the board.” Moody’s believes that the town’s direct debt burden 0.3% of full value will remain well below average given rapid principal payout (74% in 10 years). The town’s overall debt burden, including all overlapping obligations is a modest 1.9%.

 

Standard & Poor’s Rating Services assigned it’s AA+ rating to the town. Among interesting bits of information about the town:

UNEMPLOYMENT remains low: 3.4% in 2005 compared with the county’s 4.1% and the state’s 5.4%. Employment within the town has remained stable, even through various recessionary periods.

TAX BASE: $597.9 million, equating to a $17.74 billion dollar market value.Market values increased 67% from 2002 to the $17.74 billion in 2006.

High rate of tax collections: 99% average during the past five years.

Tax base struggling as a result of ongoing tax certiorari claims in the commercial sector.

Greenburgh’s financial position has consistently been strong.” …”A secure revenue stream and little dependence on state aid further strengthen the town’s financial position.”

PAUL FEINER

Greenburgh Town Supervisor

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