One of the nation’s top financial rating services, Standard & Poor’s, has given Newtown its first AAA bond rating, a coup that town officials say comes due to the efforts of many to assure that the town’s financial condition is strong with policies and procedures to protect taxpayer investment.
“There was nothing accidental about this,” declared First Selectman Pat Llodra at a Board of Selectmen meeting Tuesday night.
The five-page rating document highlighted Newtown in six areas: strong budget flexibility, strong budgetary performance, very strong liquidity, very strong management, strong debt and contingent liability profile, and very strong instructional framework.
“The stable outlook reflects our view of Newtown’s strong budgetary performance and flexibility, coupled with a very strong underlying economy,” the report stated. “We do not expect to change the rating in our two-year outlook horizon due to our expectation that management will continue to adhere to its formal and sustainable policies and practices in managing its finances and any fluctuation in the local economy.”
“It’s good news and a great report,” said Finance Director Robert Tait.