The Town of Woodbridge has again received a Aaa rating from Moody’s Investor Service. Aaa is the highest available rating.
“Sound fiscal management has long been a hallmark of the Town of Woodbridge and I will do everything I can to assure that it remains so. I have the greatest confidence in the management of our Town finances by Finance Director Tony Genovese and the Board of Finance. The Moody’s report reaffirms that this confidence is well placed,” said First Selectman Ellen Scalettar.
“The Town of Woodbridge is very lucky to benefit from the skills and management of Tony Genovese,” said Matthew Giglietti, chair of the Board of Finance. “Add to that the oversight of the Board of Finance which is made up of experts in their fields, and I am not surprised that we continually receive the highest rating possible.”
In a Monday, July 6 report Moody’s explained the rating, “The Aaa rating reflects the town’s historically stable financial position with adequate reserve levels. The rating also incorporates the town’s moderately sized tax base with well above-average wealth and income levels and manageable debt profile.” The report also states, “The stable outlook reflects our expectation that the town will maintain a stable financial position with adequate reserve levels and will continue to demonstrate credit characteristics commensurate with the current rating category.”
Moody’s examines the Town’s current finances, potential future finances and recent financial history to create the report and rating every time the Town issues debt. Woodbridge recently issued $5.5 million in general obligation bonds, a portion of the Town’s costs for the Beecher Road School renovation project. In 2014 residents approved spending up to $13.45 million on the renovation project. The Town has applied for a reimbursement grant from the State and will issue bonds for the remaining cost of the project once the State grant amount has been finalized and the project has been completed.