Moody's Removes Hamden's Negative Outlook

Press release from Town of Hamden:

HAMDEN, CT —A second rating agency, Moody’s, has also changed Hamden’s outlook from negative to stable, Mayor Lauren Garrett announced Friday.

The report from Moody’s notes, “[Hamden] has enacted measures to improve reserves in fiscal 2022 and 2023. These most notably include a 3-mill increase to property taxes, selling unused assets, and refinancing debt to push out near-term debt service costs. As a result, the town's fiscal 2022 audit will likely show a notable increase to fund balance that will bring it to the highest level of recent years.”

The report from Moody’s continues, “The stable outlook reflects improved financial operations in fiscal 2021 and anticipates that the fairly new administration will maintain disciplined budget management, producing moderately improved cash reserves and lower reliance on one-time budget fixes.”

Click here to read the full report.

“Two ratings agencies now see the positive steps we have made in stabilizing our finances," Garrett said. "While there is more progress to be made, this is an important turning point.”

This press release was produced by Town of Hamden. The views expressed here are the author’s own.