Last week, Standard & Poor's reaffirmed Westfield's AAA bond rating, marking the fourth consecutive year that Westfield has secured the highest rating assigned by S&P Global Ratings. Westfield is one of only 17 municipalities in New Jersey to achieve this rating, placing us in the top three percent of towns statewide.
Westfield’s AAA bond rating did not happen by mistake. It is the result of policies and procedures, put in place by the mayor and town council, that have been focused on a detailed budget preparation process, prudent decisions and long-term financial planning.
Standard & Poor’s report cited the town’s “very strong economy,” “very strong budgetary flexibility” and “very strong liquidity.” The report also viewed “the town’s management as strong, with good financial policies and practices.”
Our sound fiscal management has allowed us to build “very strong reserves,” while at the same time making significant investments in our town operations. Over the past four years we have replaced police vehicles, purchased a new ladder truck for the fire department, upgraded our 911 dispatch system, replaced public works trucks and snow plows and purchased pothole/street repair equipment.
Our AAA bond rating has allowed the Town to borrow and refinance debt at very favorable interest rates, resulting in direct tax savings for residents. It has allowed us to continue our focus on paving more roads, upgrading our park facilities, and investing in equipment for our public safety and public works departments.
If you’d like to discuss our AAA rating or any other issue, please contact me at firstname.lastname@example.org.
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