Hamilton to Save $1 Million With New Bond Rating Upgrade
Hamilton Township continues to buck the trends of the state and national economy and now has a new, upgraded bond rating to prove it.
Crediting the financial leadership of Hamilton Township Mayor John Bencivengo and his administration with achieving cost saving measures and realizing budget surplus, Standard & Poor’s Rating Services has bumped the Township’s bond rating up 2 full marks into the AA category and given Hamilton an improved “stable outlook.” The Township’s Financial Advisors have indicated that this bond rating upgrade means that Hamilton is estimated to save $1 million over the next 12 years on the long term bonds it will be issuing for previously approved capital budgets.
A summary of the Standard & Poor’s outlook for Hamilton states that…
“Hamilton Township now appears to be on sound financial footing and our expectations are that it will remain so into the future.”
An additional benefit of the improved bond rating is that borrowing rates for the Township, which would be used to finance long-term capital improvements such as road and sewer repairs or other Township infrastructure needs, will decrease by almost 50 basis points or 0.5 percent.
“Standard & Poor’s took note of the significant improvements in Hamilton’s finances and the strong controls that have been put in place to ensure the Township’s fiscal improvements,” said Mr. David Thompson of Phoenix Advisors, Hamilton Township’s Financial Advisor.
“This bond rating is another strong indicator from an independent source that shows our entire administration’s efforts to restore fiscal integrity and financial stability have paid dividends for the taxpayers of Hamilton Township,” says Mayor John Bencivengo. “We will work to maintain our stable financial standing by continuing our efforts to ensure strong financial controls and safeguards. In summary, this bond rating upgrade illustrates that we have moved Hamilton Township’s finances in the right direction, with every expectation of continuing on this positive path of fiscal stability.”