Moody's Gives North Hempstead Highest Possible Rating

Moody's Investors Service recently released a fiscal evaluation of North Hempstead and gave the town the highest possible rating.

The independent Wall Street bond rating agency gave the town an Aaa rating.

This bond rating was assigned to the town's $26.4 million Public Improvement Serial Bonds (Series C and D). The agency also maintained Aaa rating on the town’s general obligation limited tax (GOLT), with a stable outlook.

The Aaa rating will save taxpayer dollars since the town says it will likely experience more favorable rates on bonds.

“The Town’s continuation of a Triple A rating is the result of the steady and focused efforts by my financial team to watch each and every tax dollar, budget conservatively and reduce debt,” Town Supervisor Judi Bosworth said in a press release. “It’s extremely satisfying to see this reflected in Moody’s opinion. It will translate into savings for our hard-working taxpayers.”

In the report, Moody’s said the “Town’s management is strong, with balanced budgets that no longer include pension amortization, a lack of one-shot revenue sources, conservative budgeting practices, and a debt management service plan. Management actively monitors budget performance across funds throughout the year to ensure balance operations and makes changes to expenditures as needed.”

Moody's said the rating "reflects the town’s conservative budgeting which supports balanced financial operations and maintenance of solid financial reserves." Moody's factored in the towns long-term financial planning an debt burden when giving the rating.

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