Union County News

MOODY'S ASSIGNS Aaa BOND RATING TO UNION COUNTY, OUTLOOK STABLE

05f516aca3483d20ad1a_UCNJ.jpg
Credits: ucnj.org
05f516aca3483d20ad1a_UCNJ.jpg

Elizabeth, NJ--- Citing the County's continued economic strength and manageable debt levels,  Moody's has assigned Aaa bond rating to Union County-the highest attainable.

This rating affirms the County's strong financial standing, with Moody's citing Union County as having "a very strong management team that has pushed hard to turn around the County's finances."

"The bond rating is an affirmation of our sound fiscal management," Freeholder Chairman Bruce H. Bergen said. "The County Manager, the Freeholder's Fiscal Committee and the Department of Finance have worked hard to keep the County's fiscal house in top condition during a challenging economic period in our history."

Sign Up for E-News

The achievements are all the more significant as they have occurred during a period of fiscal instability in the State of New Jersey, which has experienced a record ten credit downgrades since 2009.

"This is good news for the County and our taxpayers as a whole," said Freeholder Chairman Alexander Mirabella, who is also the Fiscal Committee Chairman. "We will continue our progress this year in building upon this foundation of fiscal responsibility."

Moody's noted that "the upgrade to Aaa rating reflects the county's large, diverse tax base with above-average wealth levels and it's strong and improved financial position reflecting sound management and budgeting practices."

Among the benefits, the ratings increase means the County could borrow money at lower interest rates, saving tax dollars.

The ratings agency also noted the County's "tax base has actually grown in each of the past two years, indicating a potential turnaround. There are ongoing development projects throughout the county including new hotels, residential units, warehousing, luxury, senior living communities, mall expansions, and pharmaceutical expansions," throughout Union County.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Springfield

Students Lead ‘Die-In’ at Congressman Lance’s Westfield Office; Summit Boy Arrested

June 13, 2018

WESTFIELD, NJ — Seventeen-year-old Summit High School student Ben Schachter was taken away in handcuffs Tuesday during a gun safety “die-in” protest led by local high school students at Congressman Leonard Lance's Westfield office. Lance was not present at the office at the time.

“We are organizing this ‘die-in’ at Congressman Lance’s ...

Get Empowered to Help Prevent Suicide

June 9, 2018

Over the past week social media and the news have been filled with stories and articles encouraging people to seek help if they’re in emotional distress. There have been countless articles about the need to break the silence around the topic of mental health and suicide, and I am encouraged by the support people are extending to others.

Often, the death by suicide by prominent ...

Gov. Murphy still pushing a millionaire's tax, won’t say when he'll sign sports betting, weed bills

June 8, 2018

NEW BRUNSWICK, NJ - With a showdown on the state budget looming just 22 days away, Gov. Phil Murphy today re-emphasized his call for a tax on the state’s wealthiest households while hoping to avoid another shutdown of state government.

“Do I still want a millionaire’s tax? The answer is ‘yes,’ “ Murphy said at a press conference at the John ...

Rutgers Equine Science Center Annual Summer Showcase Scheduled for July 11

June 17, 2018

NEW BRUNSWICK, N.J. — The Equine Science Center at Rutgers University is hosting its annual "Summer Showcase" from 10 am to noon  on Wednesday, July 11 at the Equine Exercise Physiology Laboratory on College Farm Road on the George H. Cook Campus in New Brunswick. The Summer Showcase, similar to an open house, is a FREE event that is open to the public and perfect for any and ...

Upcoming Events

Mon, June 18, 7:45 AM

17 Kent Place Boulevard, Summit

Monday Morning Yoga

Health & Wellness

Mon, June 18, 9:00 AM

The Cora Hartshorn Arboretum and Bird Sanctuary, Short Hills

June Mini-Camp at the Cora Hartshorn Arboretum - ...

Education Green

Mon, June 18, 9:00 AM

The Cora Hartshorn Arboretum and Bird Sanctuary, Short Hills

"Pre-summer" Camp at the Cora Hartshorn Arboretum ...

Education Green