Moody’s Investors Service has recently notified the Village of Lindenhurst that the Village continues to maintain “a high quality credit position” and an Aa3 credit rating. “We are very pleased Moody’s has verified that the Village’s fiscal management is strong and our overall financial picture very positive” stated Lindenhurst Mayor Michael Lavorata.
According to Moody’s, the Village’s debt and pension burdens are low. In addition the U.S. median for similar debt and pension burden is higher than that of the Village.
Trustee RJ Renna stated “Our excellent bond rating enables the Village, at a very low cost burden to our taxpayers, to finance projects like the Johnson Controls Energy Savings Performance contract — which included green-initiative improvements throughout the Village, including the new Solar Carport at the Commuter Parking Lot — and the purchase of a new Hook & Ladder truck for the Lindenhurst Fire Department, further ensuring the protection and safety of our residents. This is possible because we work hard each day to maintain a balanced budget and operate within our fiscal abilities.”
According to Trustee Patrick Pichichero, “The Moody’s report confirms that we have run a strong financial program over the past few years, even during the economic downturn and the burdens imposed on Lindenhurst by the COVID-19 Pandemic. Our surpluses and fund balances remain positive and overall debt negligible.”
Moody’s also stated that the economy and tax base and the financial position of the Village are very healthy. “This municipal rating is comparable to your personal credit score; the better the score, the better the interest rate you get,” said Mayor Lavorata. “The Village is very proud to receive this bond rating, for it reassures our residents that the Village is a vigilant steward of our tax dollars.”