FOR IMMEDIATE RELEASE: September 18, 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 & stable outlook
North Hempstead, NY – North Hempstead Town Supervisor Judi Bosworth announced today that the independent Wall Street bond rating agency Moody's Investors Service, Inc. has once again reaffirmed the Town's strong fiscal outlook for 2015 by retaining the Town’s Aa1 rating, with stable outlook, which continues to be the highest bond rating in the Town’s history. This is the fourth consecutive Aa1 bond rating in two years.
In a release by Moody’s issued earlier today, the bond rating agency said: “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 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 also commended the Town on its continued reduction of debt. In the past year the Town has reduced debt by $22 million.
Moody’s also commented on the Town’s financial future and said, “The Town’s conservative management practices will support healthy operating performance and maintenance of a strong financial position, despite reported softening of the regional real estate market.”
“This endorsement, the fourth consecutive Aa1 bond rating in two years from Moody’s, reflects the hard work by this administration to keep the Town on a solid financial footing,” said Town Supervisor Bosworth. “This bond rating enables us to keep low interest on our debt, lowering costs for taxpayers.”
In addition, Moody stated that operations at the Town’s Solid Waste Management Authority (SWMA) have continued to improve.