PATERSON, NJ- Saying that there was evidence of a “large growing tax base” and that “conservative budgeting” has been practiced, Moody’s Investor Services upgraded the County of Passaic’s general obligation bond rating from Aa2 to Aa3.
The upgrade, according to a statement released by the Board of Chosen Freeholders, shows that an independent third party and subject matter expert agrees that county lawmakers are managing the budget in a responsible way.
Freeholder Director Cassandra “Sandi” Lazzara said the report by Moody’s is “an affirmation that budget practices and strong fiscal management are driving growth, stimulating economic development and protecting the taxpayers.” The Board, Lazarra continued, “continues to keep taxes stable while preparing for unforeseen economic events and investing in infrastructure, parks and human services.”
Moody’s cited several revitalization and development projects taking place and creating jobs in the county as evidence that there is a growing tax base, including the continued expansion of St. Joseph’s Hospital.
“This Board continues to make decisions and implement policies based on sound financial and budget practices, not gimmicks and one-shot fixes,” stated Budget Chairman Pasquale “Pat” Lepore. “Moody’s credit upgrade shows that we are on the right track,” he continued referring to “tough” decisions they have made in the past 10 years to get the county “back in a strong financial position.”