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Town Receives Top Rating from Moody's, Rain Barrels

A weekly look-in at news in the Town of Hempstead.

The Town of Hempstead has once again received the highest quality bond rating (Aaa) from Moody's Investors Service, the agency announced Monday.

According to Moody's, the Aaa rating reflects the town's "prudent fiscal management characterized by conservative budgeting practices, development of multi-year financial forecasts and formal fund balance policy; anticipated maintenance of ample financial flexibility despite four years of general fund and two years of operating fund deficits and a projected deficit in fiscal 2012 (Dec. 31, 2012); large and diversified tax base; and moderate debt level with rapid amortization of principal."

Moody's said in a release that the one challenge the town faces over the next year is that its general fund balance has been cut in half over the past four years reflecting declining economically sensitive mortgage tax revenues.

The agency also said that the town's rating could go down if there is a "failure to implement revenue and/or expenditure enhancements in the fiscal 2013 budget to return to structural balance" or if there are "further declines in fiscal 2012 than what is currently expected."

TOH Celebrates Rain Barrel, Composting Initiative

Environmentalists from throughout Nassau County gathered at Merrick’s Norman J. Levy Park & Preserve last Thursday to celebrate the Town of Hempstead’s composting and rain barrel initiative.

Already, 1,839 residents have pre-registered to receive a composting unit or rain barrel from the Town of Hempstead for $45 apiece, which is about half of the retail price.

The rain barrels help to conserve tap water, saves money by using water from rain instead of tap water and helps reduce harmful storm water runoff into bays and waterways.

Click here to read more about the rain barrels issued by the Town of Hempstead.

Robert Demarco August 26, 2012 at 04:37 PM
Mac, you think it is ok for Murray and her cronies to give away tax tax money to friends and benefactior. I don't care how fiscally sound the TOH is, they should be prudent with our tax monies. If she does such a good job why does Levittown, Kate's home town, look so bad? I am not talking about the vanant stores, but rather the overgrown weeds, the broken streets and sidewalks, etc. Yet for most of the summer they had TOH employees working on Sunday, at premium pay in the parkm near my house. This is how they reward the faithful. So, Mac, if you are ok with your hard earned tax dollars being wasted, continue to vote for Murray and Hudes.
Felix Procacci August 26, 2012 at 04:37 PM
Paul, it will take you many years to recover your investment, and any savings on your water bill is negligible, please read the facts : http://malverne-lynbrook.patch.com/blog_posts/supervisor-kate-murrays-rain-barrel-program-what-residents-should-know
LLama August 26, 2012 at 06:56 PM
The political forum is legalized crime. None of what we are told is to be trusted. Remember profitability dictates.
Love This City August 26, 2012 at 09:05 PM
I will be honest, I didn't read the article or anything past the first paragraph. What a joke MOODY's has become. As a rating agency this is a joke. Long Beach is 1 level above Junk Bond Status and Town of Hempstead is stellar? They must be smoking some great stuff at Moody's these days. After all they rated most mortgage back securities as AAA and we all know how great those turned out... I can almost guarantee this exact time next year TOH will be downgraded with a long list of reasons why and everyone will ask why did you give such a great rating last year....
paul August 28, 2012 at 03:17 AM
I was watching WABC 7 News and guess who I saw, Kate Murray in Tampa at the Republican convention. Did we pay for that trip?

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