The Town of Hempstead has once again received the highest quality bond rating (Aaa) from Moody's Investors Service, the agency announced Monday.
According to Moody's, the Aaa rating reflects the town's "prudent fiscal management characterized by conservative budgeting practices, development of multi-year financial forecasts and formal fund balance policy; anticipated maintenance of ample financial flexibility despite four years of general fund and two years of operating fund deficits and a projected deficit in fiscal 2012 (Dec. 31, 2012); large and diversified tax base; and moderate debt level with rapid amortization of principal."
Moody's said in a release that the one challenge the town faces over the next year is that its general fund balance has been cut in half over the past four years reflecting declining economically sensitive mortgage tax revenues.
The agency also said that the town's rating could go down if there is a "failure to implement revenue and/or expenditure enhancements in the fiscal 2013 budget to return to structural balance" or if there are "further declines in fiscal 2012 than what is currently expected."
TOH Celebrates Rain Barrel, Composting Initiative
Environmentalists from throughout Nassau County gathered at Merrick’s Norman J. Levy Park & Preserve last Thursday to celebrate the Town of Hempstead’s composting and rain barrel initiative.
Already, 1,839 residents have pre-registered to receive a composting unit or rain barrel from the Town of Hempstead for $45 apiece, which is about half of the retail price.
The rain barrels help to conserve tap water, saves money by using water from rain instead of tap water and helps reduce harmful storm water runoff into bays and waterways.
Click here to read more about the rain barrels issued by the Town of Hempstead.