The Village of Westbury has a very healthy financial position and a manageable debt burden, according to a recent Moody’s Investors Service annual report.
The bond credit rating service reaffirmed the village’s Aa2 rating, slightly above the median rating of Aa3 for cities nationwide. The Aa2 rating is among the agency’s highest, indicating ability to repay short-term debt.
Village Mayor Peter Cavallaro said the rating is gratifying because it recognizes Westbury for its careful financial management and stewardship of tax dollars.
“Our ability to maintain and indeed improve the Village’s finances proves that prudent, conservative budgeting and finance practices make a real difference for taxpayers,” Cavallaro said in a news release.
The mayor also touted the village’s ability to remain under the state-mandated tax cap and commitment to capital and infrastructure projects. The village also recently repaved more than 26 miles of road, Cavallaro added.
The village’s economy and tax base are solid, according to the Moody’s report. The total tax base for 2016 was estimated at $1.7 million, with each household estimated at $112,048, both above the national median.
Westbury’s debt burden is “materially below” other cities nationwide, and its pension liability is low, according to Moody’s.
Cavallaro said the board hopes that the rating will assure residents that the village is among the “most fiscally strong and well-managed” municipalities on Long Island.
The Moody’s report also touches on economic growth across the state. Though New York municipalities will benefit from the state’s improving economy, the property tax cap, which is 0.68 percent this year, could present a challenge, according to the report.