April 18, 2014 at 9:17 AM
NEW PROVIDENCE, NJ - Fitch Ratings has affirmed its 'AAA' rating on New Providence's general obligation (GO) bonds.
The rating outlook has been termed "Stable," with $11.9 million outstanding GO general improvement bonds.
Overall debt levels in the borough are moderate, and the borough's pension and other post-employment benefits liabilities are manageable, according to Fitch.
New Providence has a 2013 market value of $2.5 billion, which translates to $202,232 market value per capita.
"It takes a strong and committed team approach to attain and maintain a AAA rating," said New Providence Councilman Jim Madden, "and this is the result of sound fiscal policies of our CFO, Ken DeRoberts, and the management efficiency of our Borough Administrator, Doug Marvin working collaboratively with members of the Council which has had Council President Mike Gennaro as its finance chairman for the past six years. Credit should also be given to the department heads who've found ways to manage costs while maintaining essential services for our residents."
Borough Council President Michael Gennaro added, "Congratulations to Ken, Doug, all of our Borough employees, my fellow Council members (past and present) and, most of all, our residents, on a job well done. This is something for the entire Borough to be proud of as everyone has played a role and offered some sacrifices in making the difficult decisions necessary to get us to this point."