Moody’s gives town top rating

Bill San Antonio

The bond rating agency Moody’s Investor Service has assigned an Aa1 rating to the Town of North Hempstead’s long-term fiscal outlook, the fourth consecutive year the town’s finances have received the agency’s highest rating.

Moody’s rating was based on the town’s $24 million in 2015 Series A Refunding Serial bonds and $4.5 million in 2015 Series B bonds, stating in its report that “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.”

An Aa1 rating was also placed on the town’s $220 million in previously issued, long-term general obligation debt, town officials said. 

“This continued endorsement from Moody’s reflects the hard work by this administration to budget conservatively and to keep the town on a solid financial footing,” North Hempstead Town Supervisor Judi Bosworth said in a statement. “I am especially proud that we have reduced the town’s debt by $22 million and that our 2015 budget has cut spending by $600,000, lessening the burden on our taxpayers.”

Moody’s first gave the town an Aa1 rating in 2012 and reaffirmed the rating in 2013 and twice last year.

In its recent rating, the agency determined “the town’s 10-year debt management plan is expected to further reduce the debt burden,” and expects “improved performance of the town’s Solid Waste Management Authority operations, for which the town has agreed to provide support.” 

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