The Town of North Hempstead was awarded an AAA credit rating – the highest rating available – from Moody’s Investment Services, a global firm that offers credit ratings.
“The Moody’s rating reflects the hard work of our North Hempstead team, but, more than that, it tells the story of town employees who keep an eye on the bottom line,” North Hempstead Topwn Supervisor Jennifer DeSena said. “With two years of tax cuts and strong fiscal oversight, Triple A is the North Hempstead mindset every day.”
North Hempstead has maintained this high rating for seven years, first awarded the AAA designation in March 2017.
The rating was given to the town’s $8.72 million Public Improvement Serial Bonds.
“The Aaa issuer rating reflects the town’s stable financial operations with healthy reserve levels and strong economic profile,” Moody stated in a release.
Moody also noted “conservative budgeting of sales tax revenue” that offset any losses.
“The stable outlook reflects the town’s conservative fiscal management practices, which will support continued healthy operating performance and maintenance of a strong financial position,” Moody stated in a release. “While the town is largely built out and is not likely to grow at the same rate as the rest of the country, this is offset by the strong resident income and full value per capita.”