Some good news. Moody’s and Standard & Poor’s bond rating has assigned Greenburgh the highest bond rating possible. The Aaa bond rating from Moody’s and the AAA bond rating from Standard & Poor’s is given to very few governments. About two years ago I was advised that only 1% of all local governments in the United States have a triple A bond rating from both bond rating agencies. Some communities in the Hudson Valley have seen their bond rating go down recently . The high bond rating we receive saves you significant tax dollars because we are able to borrow at lower interest rates. We estimate that we will save about $300,000 because we have the triple A bond rating.
Moody’s indicated that the “Aaa rating reflects the town’s affluent and sizeable tax base, sound financial position with strong fiscal management, low debt profile and manageable pension liability. “
Standard & Poor’s rating services indicated in their report that “the stable outlook reflects our opinion of the town’s very strong financial position bolstered by its strong management practices and policies and budgetary performance, contributing to a very strong flexibility and liquidity. Greenburgh’s very strong underlying economy, which benefits from its proximity to New York City enhances rating stability. As such, we do not expect to change the rating in our two year horizon.”
We are currently refinancing outstanding debt and expect to save about $600,000 on the refinancing. This is separate from the bond rating.
I have attached the full report which also highlights challenges we have in upcoming years. I am also pleased to advise that my proposed budget will be released on October 30th and will comply with the tax cap approved by the New York State Legislature earlier this year. As a result, residents of Greenburgh will receive a bonus check in the mail from New York State because we are in compliance with the tax cap and their provisions.
Paul Feiner
Greenburgh Town Supervisor