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TOWN MAINTAINS HIGHEST BOND RATING POSSIBLE Aaa by Moody's...AAA by Standard & Poor's
Release Date: October 11, 2017

GREENBURGH’S FINANCIAL HEALTH: THE HIGHEST BOND RATING POSSIBLE REAFFIRMED…

During my tenure as Greenburgh Town Supervisor the town’s bond rating has gone up three times –to the highest rating possible: Aaa by Moody’s and AAA by Standard & Poor’s.   We got some good news again: our bond rating continues to be the best. This is fantastic news!  You—the taxpayers—save six figures because our borrowing costs are reduced. It’s nice that two independent organizations have given us their top scores. A  few years ago I was advised that only 1% of all government entities in the nation have a Aaa bond rating from both agencies.  Most villages, towns, school & fire districts in the county, state and nation do not have similar high ratings.

 

Moody’s credited our “sound financial position with strong fiscal management, low debt profile and manageable pension liability.” They mentioned that the”town’s tax certiorari liability has been steadily declining down to $3.8 million in 2016 from $9.8 million in 2009.”  Moody’s mentioned that the town recently completed a three year reassessment project that should materially reduce tax appeals beginning in fiscal 2017.”   The report indicated that “Greenburgh has a history of strong fiscal management with proactive budgeting practices.”

 

  Standard & Poor’s also assigned the town their highest rating possible.  They highlighted “strong management with good financial policies and practices under our Financial Management Assessment methodology. Strong budgetary performance with operating surpluses in the general fund and at the total governmental fund level in fiscal 2016. Very strong budget flexibility with an available fund balance in fiscal 2016 of 43% of operating expenditures”   S & P considers “Greenburgh’s economy very strong.”  They pointed out that the town is expecting additional growth in its tax base to the tune of roughly 1 billion dollars from new construction.”

 

Both reports, in their entirety, will be posted on the town website

 

Last week the town’s independent auditor made a presentation to the Town Board highlighting their findings. Their presentation was made before we received the top ratings from Moody’s and Standard & Poor’s. Our auditors praised our financial management practices.  They also praised the town for our financial management and pointed out that the town should be proud of the fact that we have received a Certificate of Achievement for Excellence in Financial Reporting. Most communities in the nation do not receive this honor.  If you would like to watch the presentation of our auditors please click onto the following link:

 

http://greenburghny.swagit.com/play/10032017-1526

 

  Credit should be given to the members of the Greenburgh Town Board: Diana Juettner, Francis Sheehan, Ken Jones, Kevin Morgan and Comptroller Roberta Romano for their hard work. And—to our department heads and town staff for being assets to our team. We will continue to work hard to give taxpayers value for your dollar. And always look for ways to manage better.

PAUL FEINER

Greenburgh Town Supervisor




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