Office of the Mayor – West Windsor Township
November 29, 2007
FOR IMMEDIATE RELEASE
Contacts: Shing-Fu Hsueh, Mayor
West Windsor Township
West Windsor Township Achieves Triple-A Bond Rating
Mayor Shing-Fu Hsueh is pleased to announce that Standard & Poor’s (S&P) Rating Services has assigned its ‘AAA’ long-term rating to the Township’s general improvement bonds. The prestigious Triple-A rating is the highest available rating shared by less than ten municipalities in the State of New Jersey. S&P explained the rationale for assigning West Windsor Township this rating in a recent report citing the rapidly expanding local economy, sound commercial base, above-average wealth levels, consistently solid financial performance characterized by sound reserve levels, and overall favorable debt position coupled with modest future borrowing needs.
The S&P Financial Management Assessment (FMA) also highlighted several key financial policies and practices utilized by the Township. These include frequent monitoring of budget versus actual performance throughout the fiscal year; comprehensive trend analysis performed when arriving upon revenue and expenditure assumptions for the budget; and a formal six-year capital plan, updated annually, with all funding sources identified and linked to the operating and capital budgets.
“Over the last four years, the management team, led by Business Administrator Christopher Marion and Chief Financial Officer Joanne Louth, has worked closely with me to implement sound budgeting policies and practices and adopt a longer term approach to financial planning and management.” said Mayor Hsueh, “This Triple-A rating is the culmination of all of our efforts to date. We could not have realized this without the day-to-day management and operational efficiencies maintained by our talented and dedicated staff.” The improved bond rating is anticipated to lower the cost of borrowing money which translates into lower costs for municipal projects thereby saving taxpayers’ money.
Throughout the rating process, the Township received technical advice and guidance from Phoenix Advisors, LLC of Bordentown, NJ; McManimon & Scotland of Newark, NJ; and William Antonides & Company of Wall, NJ.
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