Greenburgh Receives AAA Bond Rating from Moody's, Standard & Poor's

Greenburgh Town Supervisor Paul Feiner writes that the town has again maintained a AAA (triple A) bond rating from twoof the major rating agencies, Moody’s and Standard & Poor’s.

The better the bond rating, the better the interest rates at which a municipality can borrow money when needed.

Below is the text of Feiner’s email to residents and officials concerning the bond rating:

GREAT NEWS. Both Standard & Poor’s and Moody’s has reaffirmed the town’s AAA bond rating this afternoon. Only 1% of governments in the United States have a AAA bond rating from both bond rating agencies (the highest rating possible). Having the highest bond rating possible means we borrow at reduced costs--saving you tax dollars. I should have both reports later this week and will post them on the town website.

We should all be very pleased. Many localities have seen their ratings decline in recent months. It’s a good feeling to be a part of a town that is recognized for our good management. During my tenure as town Supervisor it’s been nice seeing our bond rating go up a few times. Credit goes to our hard working department heads, Town Board members, employees and civic leaders who work hard to stretch your tax dollars and to make government as efficient as possible.

Read about some of the recent bond rating downgrades...
https://www.google.com/#q=moody’s+bond+rating+downgrades+in+2014&start=10&tbm=nws

The following is from Moody’s...

The Aaa rating reflects the town’s affluent and sizeable tax base, sound financial position with strong fiscal management and low debt profile.

STRENGTHS

- Strong fiscal management

- Affluent and sizeable tax base

- Below average debt profile

CHALLENGES

- Annual appropriation of fund balance

- Modest tax base decline

- Financial constraints due to reallocation of fund balance to cover school district warrantsWHAT WE MUST DO...Although we should be proud of our distinction of being among the few governments around with a triple A bond rating -- we can’t rest on our past successes. We must continue to look for ways to make government more efficient...to cut costs. Need to rely less on fund balance to fund programs. At the Town Board meeting on Wednesday night the Town Board will schedule two public hearings for September 23rd that will help the town stay fiscally healthy:Requiring the commencement of in rem tax foreclosure proceedings annually against property owners who have outstanding tax liens. And...requiring the town to reassess and revalue all properties every four years to make sure that taxes are fairly assessed.

Your thoughts are always welcome and appreciated.