Lower Makefield Township announced that Moody’s Ratings upgraded the Township’s general obligation bond rating from Aa2 to Aa1, reflecting strong financial management, healthy reserves, and stable economic outlook, township officials said, Friday.
In its report, Moody’s cited the Township’s sound fiscal policies, strong fund balance, and prudent budgeting as key factors in the upgrade. The rating also reflects Lower Makefield’s diverse tax base, solid financial position, and low debt burden, officials said.
“Lower Makefield Township’s … (Aa1) credit profile reflects a strong resident wealth and income profile and robust financial reserves following the sale of the township’s sewer system. Median household income is equal to 213% of the US median when adjusted for regional price party and full value per capita is robust at nearly $156,000, said the report.
“This upgrade is a testament to our commitment to responsible financial management and long-term planning,” said Township Manager David W. Kratzer, Jr. “It reinforces the strength of our local economy and our ability to maintain essential services while keeping taxes stable.”
The Aa1 rating is one of the highest credit ratings a municipality can receive and may result in lower borrowing costs, saving taxpayer dollars on future projects. Lower Makefield Township remains dedicated to fiscal responsibility and strategic growth to benefit residents and businesses alike, officials said.
“We initiated a review of the township’s ratings on December 19, 2024 because the township had a delay in their financial reporting and had not provided audited financial statements for the fiscal year that ended on December 31, 2023. We have since received a substantially complete draft of the township’s fiscal 2023 financial statements. If we do not receive the final fiscal 2023 audit by the end of June, we will place the township’s ratings under review direction uncertain and withdraw them if we have not received the final audit by the conclusion of that review,” the Moody’s report concluded.
For additional information on the Moody’s Rating Scale, please click here.
Recent Comments