The Village of Great Neck received Standard & Poor’s highest “AAA” credit rating for the fourth consecutive year last week after issuing what village officials said was $1.45 million in bonds to continue its 2012 roadway repair program.
“The ‘AAA’ rating is a reflection of the village’s continued commitment to make financially responsible decisions in order to maintain fiscal integrity for years to come while providing the services our residents need and desire,” Village of Great Neck Mayor Ralph Kreitzman said.
Standard & Poor’s credit rating report touted the Village of Great Neck’s “strong financial position” and its “moderate-to-low” debt burden, which also includes rapid amortization, a village news release announcing the credit rating said.
The village also is credited by Standard & Poor’s with having “high income levels” and “extremely strong property values,” the news release said.
“The report also states that Standard & Poor’s considers the village’s financial management practices ‘good’ under its financial management assessment methodology,” the news release said.
Standard & Poor’s credit rating pertains to the village’s newly issued and outstanding bonds from last year, the news release said.
In February, the Village of Great Neck Board of Trustees approved a repaving project for 16 of the village’s cul-de-sac roads, which abut Steamboat Road.
At that time, Kreitzman said the village estimated the construction cost of the repairs for its 2012 road plan would be approximately $1.1 million.
Village of Great Neck Deputy Mayor Mitchell Beckerman said in February that the decision to fix the 16 cul-de-sacs this summer came in conjunction with repairs that Nassau County planned to make to repave all of Steamboat Road.
“This year, roadwork bids came in lower than expected so the village, pursuant to a preexisting inter-municipal agreement with the Town of North Hempstead, will be paving portions of nine additional roads that adjoin the town and are being, or recently were paved by the town,” the Village of Great Neck news release said. “After this year’s work is completed, the village’s 30-year program to rebuild or resurface all of its 24 miles of roads will be ahead of schedule.”
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