The bond rating agency Moody’s Investors Service, Inc. has reaffirmed the Town of North Hempstead’s Aa1 bond rating for the fourth time in the last two years, the highest in the town’s history.
“The Aa1 rating reflects expected maintenance of a solid financial position given management’s conservative budgeting, especially of economically sensitive sales and mortgage tax,” the agency reported in a news release Friday.
“The town maintains a solid financial position, the result of conservative budgeting of revenues, strong internal controls and revenue augmentation in line with expenditure growth.”
Moody’s said the town’s “conservative management practices will support healthy operating performance and maintenance of a strong financial position.”
It also commended the town’s debt management practices. North Hempstead has reduced its debt by $22 million in the last year.
North Hempstead Town Supervisor Judi Bosworth in a statement said the rating “reflects the hard work of this administration to keep the town on a solid financial footing.”
“This bond rating enables us to keep low interest on our debt, lowering costs for taxpayers,” she added.