The Town of Woodbridge’s financial strength was recognized with a recent Moody’s Investors rating of Aaa. In mid-June, 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, Woodbridge “benefits from a sound financial position, supported by stable property taxes, conservative budgeting, formal policies and unlimited revenue raising flexibility. While the town’s tax base is notably below the medians of Aaa rated towns across the state and nation, this is mitigated by very strong resident income and wealth levels. Additionally, the town’s low fixed costs afford significant operating flexibility.”
This strong bond rating gives the Town access to low interest rates which makes it less expensive to borrow for major projects. “This bond rating, the highest available, comes as no surprise,” said First Selectman Beth Heller. “It should put residents’ minds at ease that we continue to move in the right direction with the guidance of our talented Finance Director, Tony Genovese and direction from our Board of Selectmen and Board of Finance.”
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.
Earlier this year Woodbridge received the Distinguished Budget Presentation Award from the national Government Finance Officers Association (GFOA). The Town regularly earns this award along with the Certificate of Achievement for Excellence in Financial Reporting.
“Moody’s recent confirmation of the Town’s Aaa bond rating proves, once again, that the Town’s finances are being ably managed in the best interest of our residents,” said Board of Finance Chair Matthew Giglietti.