Bloomfield Bond Rating Upgraded to Aa2 by Moody's

Tuesday, March 27, 2018

Bloomfield Bond Rating Upgraded to Aa2 by Moody's

Ratings Agency Cites Township's 'Large Tax Base, Ongoing Development, Strong Finances'

 

BLOOMFIELD, NJ -- Moody's Investors Service has officially upgraded the Township of Bloomfield's bond rating to Aa2, one of the highest ratings available. The rating upgrade is the culmination of a financial management strategy implemented by Mayor Michael Venezia shortly upon taking office in 2014. Focusing on improving management practices and financial controls, investing in township infrastructure and more, the financial management strategy has involved nearly every township department in some capacity. The improved bond rating will enable the Township to achieve lower interest rates on future bond issues and long term debt used to pay for capital improvement projects, potentially saving taxpayers hundreds of thousands of dollars in reduced debt service payments.

"Bloomfield's financial outlook has never been stronger and that is a testament to the dedicated team we have put in place that works extremely hard to deliver for our residents," said Mayor Michael Venezia. "This rating is further proof that our financial management plan and our sustainable approach to development are paying off by significantly improving Bloomfield's financial position. I'm excited to continue working to improve our finances and keep property taxes stable."

Factors cited by Moody's that contributed to the rating increase include Bloomfield's "large tax base," "ongoing development" and "strong finances," which the agency attributed to sound budgeting principles and effective management. Mayor Venezia and his team have implemented strong management procedures across township government, streamlining operations and making government more efficient. Changes have been evident in the Bloomfield Police Department which was completely reorganized, the Bloomfield Parking Authority which has now been dissolved and brought into the municipal government, and many other departments where operations have been modernized and improved.

"As the longest serving member of our Township Council, I have watched closely as our financial picture has improved significantly in recent years, securing a better future for our entire community," said Councilman Nicholas Joanow. "This rating upgrade shows that our plans are working and that Bloomfield is on the right track."

Mayor Venezia and the Township Council have prioritized attracting new development to the community in the last several years, resulting in several new residential and mixed-use developments primarily located near Bloomfield Center and within walking distance of public transit. This approach is helping to revitalize the township, bringing in new residents and increasing tax revenue to support priorities like enhancing services and facilities, improving public safety and stabilizing property taxes.

"Watching Bloomfield continue to grow in a positive way that takes into account what our residents want and need is truly inspiring," said Councilwoman Dr. Wartyna "Nina" Davis. "I'm proud of the progress we're making together and proud of this rating increase."

"Bloomfield has come a long way in a short time in the last few years and the credit goes to the Mayor and Council for their vision in moving the community forward, as well as the business community that continues to invest here," said Township Administrator Matthew Watkins. "This rating increase is a recognition of the hard work that our entire team has put in and it provides new energy to continue moving the township forward."

The full report from Moody's is attached.

For any additional information please contact Philip Swibinski at 201-864-0600 or philip.swibinski@vmmi.net.

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