August 30, 2004
Contact: David Chauvin
Wall Street Maintains Strong Fiscal Outlook
for North Hempstead
Manhasset, NY – North Hempstead Supervisor Jon Kaiman announced today that the Wall Street bond rating agency Moody's has given the Town a positive fiscal outlook for 2005.
In a release issued earlier last week, Moody's announced that they are maintaining the bond rating of Aa3 for the Town as a result of "conservative budgeting, strong internal controls and revenue augmentation in line with expenditure growth."
"This announcement is another endorsement by an independent Wall Street rating agency which shows that North Hempstead has a solid economic foundation and a strong fiscal future," said Supervisor Kaiman. "Thanks to the continued benefits that come from a legacy of conservative budgeting we can continue to pay down debt while enhancing town services."
Moody's added in their release that, "The Aa3 rating reflects the town's strong financial position resulting from enhanced long-term planning and internal controls . . . and a declining debt burden driven by the town's debt management plan."