SEA ISLE CITY — The city’s bond rating has been upgraded from A to AA by the rating agency Standard and Poors.
“This is an accomplishment we can all be proud of,” said City Administrator George Savastano during the March 27 City Council meeting.
“It’s a direct reflection on sound financial management policies and practices.”
The upgrade was based on the city’s strong financial operation over the course of the past three years’ audits.
“The AA ratings reflect our view of the city’s strong financial position following four consecutive years of cur-rent fund surplus operations, coupled with good financial management policies and practices and low overall debt relative to the size of the tax base,” wrote Standard and Poors.
According to Savastano, Standard and Poors’ acknowledgement is evidence of the success of city’s administration in instituting practices that are designed to best manage the city’s tax dollars.
Savastano lauded the new rating by saying, “With all that’s been going on in the state over the past few years, with other towns seeing their credit rating downgraded, we went up.”
“This is something that we should all be proud of,” said Council President John Divney.
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
