Office of the Mayor – West Windsor Township
November 2, 2009
FOR IMMEDIATE RELEASE
Contacts: Shing-Fu Hsueh, Mayor
West Windsor Township
West Windsor Township Once Again Achieves Triple-A Bond Rating
Mayor Shing-Fu Hsueh is pleased to announce that Standard & Poor’s (S&P) Rating Services has once again assigned its ‘AAA’ long-term rating to the Township’s general improvement bonds with a stable outlook to the township. 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 a sound commercial base, with large commercial employers and several development projects, both on the commercial and residential side, in various stages of construction that should be completed in the near future.
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 six years, Chief Financial Officer, Joanne Louth, has worked closely with me and the Business Administrator to implement sound budgeting policies and practices and adopt a longer term approach to financial planning and management. This Triple-A rating is the culmination of all of our efforts to date.” said Mayor Hsueh, “The new businesses that opened in the last few months, as well as, the others expected to open in the new year, are one of the reasons the report states we have a rapidly expanding local economy.”
The 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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