According to the credit rating service, Moorestown Township is in positive financial shape.
After another positive fiscal year, Moody’s credit rating service has affirmed through it’s Annual Comment on Moorestown Township that Moorestown Township is in positive financial shape thanks to “strong financial management,” with the investor service stating that “the Township has a very healthy financial position,” and that the “economy and tax base of the Township are healthy overall.”
“I am thrilled that Moody’s has affirmed what we have been stating all along: this Town Council is committed to fiscal responsibility,” Mayor Phil Garwood stated. “Because of our growing tax base, new businesses opening their doors, prudent financial management, and the responsible protection of our surplus for tax relief, Moorestown is in strong financial shape heading into the future.”
Moorestown’s bond rating was elevated by Moody’s to Aa1 in 2015, giving the Township the highest bond rating in Burlington County and surpassing the national average of Aa3. Moody’s According to Moody’s, “positive operating margins exhibit strong financial management,” with municipal operations trending in a positive direction while the tax base continued to improve.
“I’m proud that Town Council has been able to invest in a number of improvements to our community while keeping our fiscal house in order, and pleased that Moody’s has confirmed that our town is moving forward in the right direction,” Deputy Mayor Victoria Napolitano said. “We were able to cut municipal taxes for residents this year while still investing in infrastructure and water improvements, protecting our open spaces, upgrading our various athletic facilities, and increasing business rateables.”
