S&P Raises Rating For Manorhaven

Standard & Poor’s Global Ratings recently released ratings for municipalities across the country for 2018. The rating for the Village of Manorhaven’s general obligation (GO) bonds outstanding was upgraded by three notches to AA+ from A+. This positive rating change stems from S&P’s belief that the Village’s financial position and management practices have vastly improved under Mayor Jim Avena.

The upgrade reflects a significant strengthening of the Village's recent financial including a strong fund balance of over 22% of operating expenses. After taking office in July 2016, Mayor Avena focused on improving the Village’s financial practices by implementing effective management controls, eliminating unnecessary spending, and ensuring that the Village properly corrects revenue. Mayor Avena’s efforts have grown the Village’s financial reserves significantly. “As an Accounting major and president of several large corporations, my most important goal for the Village government was to have a clear grasp on the Village’s financials,” Avena said. “Not only does this negate the need to raise taxes should the Village incur excessive costs that cannot be predicted, such as an extremely snowy winter, for example, but having a substantial fund surplus will enable us to improve our roads and sewers.”

Over the five-year fiscal period 2013-2018, the village’s available fund balance increased from a negative (-14.5%) in operating expenditures at the end of fiscal year 2013 to a positive (+22.3%) at the end of fiscal year 2018.

Per the report, Manorhaven’s budgetary flexibility, economy and debt and contingent liability profile were determined to be “very strong.” The ratings service credits this to the Village’s new management team as “focused on building fund balance levels by targeting revenue growth from fee increases with conservative budget practices.”

Scroll to the bottom of the Village’s website, manorhaven.org, to view the complete S&P report.