TODAY'S PAPER
55° Good Morning
55° Good Morning
Long IslandTowns

Brookhaven celebrates AA+ bond rating

Brookhaven’s bond rating was reaffirmed as AA+ with a stable outlook by Wall Street rating agency Standard & Poor’s, which cited the town’s “cost-cutting measures.”

“The continued affirmation of our bond ratings shows that we are putting Brookhaven on the course toward a healthy financial future,” Supervisor Mark Lesko said in a news release. “While there are still challenges ahead with declining revenues, the rating agencies noted our past success of drastically cutting spending, fiscal discipline, and conservative budgeting.”

S&P issued the rating reaffirmation Thursday, the same day as Moody’s affirmed Brookhaven as Aa2, repeating its rating from November.

In issuing its rating, S&P highlighted the town’s use of $2 million of reserves to balance the budget, though it had budgeted $23.6 million of reserves for that purpose.

Lesko “has made it a priority to reduce the past practices of relying on fund balance to plug budget holes,” according to the town release.

Moody’s applauded the town’s decrease in spending by noting the 2011 general fund budget was 26 percent less than the 2008 budget.

Last year Brookhaven passed a property tax cap, a debt management cap and a spending cap.

Comments

We're revamping our Comments section. Learn more and share your input.

Latest Long Island News