Town Receives AAA Bond Rating From Standard & Poor's

Standard & Poor’s reaffirmed Mahwah’s AAA bond rating last week for the fourth consecutive year.

The rating is the highest on the agency’s ranking system.

In its review, Standard & Poor’s stated the township has “very strong budget flexibility” with the “ability and willingness to raise taxes when needed.”

“It tells the taxpayers that the township is being run as efficiently as possible.” said Steven Sbarra, council vice president

In its findings summary, Standard & Poor’s stated that Mahwah has a “low overall net debt” at less than 3 percent of the market value and all debt should be repaid with in 10 years.

“It tells the taxpayers that the township is being run as efficiently as possible,” said Council Vice President Steven Sbarra. “It’s a great accomplishment. It just goes to show you that the town is being run successful financially and that is a major goal of the township council.”

Council President John Roth stressed the collaborative effort it takes to earn a AAA rating.

“All of us, the chief financial officer, the administrator, the mayor, as well as the town council, we all have a hand in creating the budget and establishing the maintaining the borough’s financial policies,” Roth said.

Mahwah’s close proximity to New York City is also a positive factor in the rating. The buying income per capita is 188 percent of the national average.

“This saves tax dollars. It speaks to good management and sound fiscal policies

The township already has a AAA rating from Moody’s.