Moorestown Is 'Financially Healthy,' Moody's Credit Rating Service Says

Moorestown, NJ -- Moody’s Investor Service says Moorestown “is in a very healthy financial position,” the credit ratings service said in a recent report.

The report says the township is doing well thanks to “strong financial management” and that the "economy and tax base of the Township are healthy overall."

The median family income is 220.8 percent of the national level, and Moorestown’s full value per capita of $229,772 is much stronger than the national median, according to the report.

The township’s total full value is $4.7 billion. This is above the national median, and has grown since 2012, according to Moody’s. The report describes Moorestown’s debt and pension burdens as “manageable.”

"I am thrilled that Moody's has affirmed what we have been stating all along: this Town Council is committed to fiscal responsibility," Mayor Phil Garwood said in a statement released by the township on Thursday.

"Because of our growing tax base, new businesses opening their doors, prudent financial management, and the responsible protection of our surplus for tax relief, Moorestown is in strong financial shape heading into the future."

Moody’s upgraded Moorestown's bond rating to Aa1 in 2015, giving the Township the highest bond rating in Burlington County and surpassing the national average of Aa3, according to the report.

Moody's said "positive operating margins exhibit strong financial management," with municipal operations trending in a positive direction while the tax base continued to improve.

"I'm proud that Town Council has been able to invest in a number of improvements to our community while keeping our fiscal house in order, and pleased that Moody's has confirmed that our town is moving forward in the right direction," Deputy Mayor Victoria Napolitano said in the statement. "We were able to cut municipal taxes for residents this year while still investing in infrastructure and water improvements, protecting our open spaces, upgrading our various athletic facilities, and increasing business ratables."

Patch file photo