FOR IMMEDIATE RELEASE: March 24, 2015
MEDIA CONTACTS: Carole Trottere, Ryan Mulholland, Sam Marksheid, and Rebecca Cheng | (516) 869-7794
Moody's Reaffirms North Hempstead’s Strong Fiscal Outlook
Town Maintains Highest Bond Rating in its History
North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth announced today that Moody's, the independent Wall Street bond rating agency, reaffirmed the Town's strong fiscal outlook for 2015 by retaining the Town’s Aa1 rating, which continues to be the highest bond rating in the Town’s history.
“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,” stated the Moody’s report. “Town management continues to budget conservatively for economically sensitive revenues and expenditures, resulting in increased financial flexibility.”
“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,” said Town Supervisor Bosworth. “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.”
In addition, Moody’s stated the outlook also factors its expectation for “improved performance of the town's Solid Waste Management Authority operations, for which the town has agreed to provide support.”
Moody’s Investors Service has assigned a Aa1 rating to the Town of North Hempstead, NY’s $24 million Refunding Serial Bonds, 2015 Series A and $4.5 million Serial Bonds, 2015 Series B. Concurrently, Moody’s affirmed the Aa1 rating on $220 million in previously issued, long-term general obligation debt.
The Aa1 rating was reaffirmed by Moody’s twice in 2014 and this is the first time in 2015 that the Town’s bond rating has been rated.
Moody’s also commented on the Town’s financial future and said, “The town’s 10-year debt management plan is expected to further reduce the debt burden.