North Hempstead maintains highest possible bond rating

BY BRANDON DUFFY

North Hempstead has maintained its Aaa bond rating for the 13th year in a row, according to Moody’s Investors Service.

The organization cited stable fnancial operations, healthy reserve levels and a strong economic profle for the town while lauding its conservative fscal management. Credit strengths also included the town’s large tax base with high income and local employment opportunities.

The rating specifcally reference’s the town’s $21.7 million in Series A Public Improvement Serial Bonds and $396,000 in Series B bonds.

Series A bonds provide fnancing for various capital projects and Series B bonds will fnance bond anticipation notes to fund litigation.

“The stable outlook refects the town’s conservative fscal management practices, which will support continued healthy operating performance and maintenance of a strong fnancial position,” Moody’s said in a release.

North Hempstead Town Supervisor Jennifer DeSena, in a statement, said the highest possible rating refects town ofcials’ dedication.

“I am extremely proud that the Town has once again received a Aaa bond rating from Moody’s,” DeSena said. “This rating is the thirteenth consecutive afrmation of the Town’s Aaa Bond rating, and is indicative of the hard work, dedication, and discipline throughout budget season.

The Aaa rating is the highest a Town can achieve and will produce signifcant savings in the long run. I’m pleased that the Town was able to accomplish this while also unanimously passing a 5% tax cut in this year’s budget.”

Moody’s said an increase in long-term liabilities and the “signifcant” decline in reserves or liquidity are factors that can lead to downgrading the current rating.