Ossining Town Supervisor Dana Levenberg Announces Credit Upgrade Following Several Years of Growth, Sizeable Tax Base, Above-Average Wealth Indices and Modest Debt Burden
“This affirmation confirms that continuing to have a stable, fiscally conservative, proactive approach to budget management is working,” said Dana Levenberg, Town Supervisor. “It is reassuring to see our techniques recognized as prudent by the financial market.”
In announcing the upgrade to Aa1, the rating agency cited the Town’s successive years of tax base valuation growth and strong financial operating performance as reasons for the upgraded rating. The Town’s sizable tax base, strong resident wealth indicators, ample reserves and liquidity, as well as low debt levels and manageable fixed costs, are also reflected in the Aa1 rating.
“We are very grateful for the hard work, tough decisions, and support of our Town Board, department managers, executive management team, and Town employees,” said Levenberg. “We are also appreciative of the work done by former Town Supervisors, including County Legislator Catherine Borgia, and incoming Town/Village Clerk Susanne Donnelly, as well as former Town Council members for establishing many of the fiscal policies we continue to follow, all of which have helped to set the framework for the Town’s continually improving financial condition. Certainly, this is a job well done by all, and an achievement of which we can all be very proud.”
“I am so pleased that Moody’s has recognized the Town’s strong financial condition and credit strengths. It is such a challenge, for a local government to earn a credit opinion upgrade from Moody’s to the Aa1 category, which makes it all the more rewarding,” said Thomas Warren, Town Comptroller. “A credit rating in the ‘Aa’ category translates to a low interest burden on the local residents.”
The Town last had a formal credit rating in 2014, at which time it earned a credit upgrade to Aa2. While Moody’s had since re-confirmed the Town’s Aa2 rating several times based on the Town’s audited financial statements and annual continuing disclosure filings, last month Moody’s Investors Service requested that the Town have a formal credit rating for the benefit of the bond holders. Each year, the Town goes to the securities market to sell bonds and/or notes to provide funding for various capital projects and improvements, such as the purchase of large vehicles and equipment, road improvement projects, and the recent Town-wide assessment revaluation and LED street-lighting conversion projects. This past year, the Town of Ossining had retained Munistat Services, Inc. to provide municipal financial advisory services.
A copy of the full rating report can be found on the Moody’s website or may be obtained by request from the Town Comptroller.