61°
“The upgrade to AAA rating reflects the borough's strong financial operations with healthy reserve levels, sizeable tax base, conservative management practices, strong socioeconomic wealth levels, and low debt burden,” Moody’s stated in the report.
The upgrade applies to $6.8 million of outstanding general obligation (GO) debt.
Borough officials note this is the second time in recent years that the bond rating has been upgraded. This year marked the second consecutive property tax reduction, plus lowered municipal debt and $12 million budget surplus.
“I would like to thank everyone who has worked so hard to make this rating upgrade a reality, including our professional staff -- and especially Council President Pat Verile, who worked side-by-side with me to craft this year's municipal budget,” Mayor Rich LaBarbiera said.
"Above all else, our job as elected officials is to make sure we manage taxpayers' money well and this bond rating increase is a testament to our success," Verile added.
Click here to follow Daily Voice Paramus and receive free news updates.
