The Town of Woodbridge’s financial strength was recognized with a recent Moody’s Investors rating of Aaa. On July 1, the Town once again received a Aaa bond rating from Moody’s Investors, the highest rating available, when the Town sold bonds and notes.
According to Moody’s Credit Opinion, “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.”
Moody’s opinion cites the Town’s strengths as “strong financial management including adoption of a formal fund balance policy” along with the Town’s “stable” tax base and “manageable debt position”. This strong bond rating gives the Town access to low interest rates which makes it less expensive to borrow for major projects, such as the recently completed renovations at Beecher Road School. In fact, the Town just issued bonds to pay for the school project and received the low interest rate of 1.9% for 20 years.
“As First Selectman, one of my primary responsibilities is the fiscal stewardship of the Town,” said First Selectman Ellen Scalettar. “Our residents have entrusted me, the Board of Selectmen and the Board of Finance to look out for their financial interests and their pocketbooks. Our bond rating and ability to borrow at such low rates demonstrate the success of the path we’ve taken with the guidance of our superb Finance Director, Tony Genovese.”
Separately, Woodbridge Finance Director and Administrative Officer Anthony Genovese has recently earned an award for doing an outstanding job of preparing Woodbridge’s budget and audit documents. Genovese was presented with a “Certificate of Achievement for Excellence in Financial Reporting” from the national Government Finance Officers Association (GFOA). The certificate is the highest form of recognition in the area of governmental accounting and financial reporting. The certificate is awarded to Towns whose audits demonstrate a constructive spirit of full disclosure to communicate the Town’s financial story.
Earlier this year Woodbridge also received the Distinguished Budget Presentation Award from GFOA. Only a small percentage of Connecticut towns earn both awards. “These awards, coupled with Moody’s recent confirmation of the Town’s Aaa bond rating, affirm that the Town’s finances are being ably managed in the best interest of our residents,” said Board of Finance Chair Matthew Giglietti.