Town’s Bond Rating Upgraded:Translates Into Lower Interest Costs for Projects

By Sue Ellen Woodcock

Town Manager James McKenna is more than happy with the improvement in the Town’s bond rating and he is even more excited that the the savings is something that goes back to the taxpayers.

Standard & Poors recently upgraded the town’s rating to AA from AA-.

“This is great news for the Town, as it makes our bonds more competitive, and signals that what we have all been doing to improve our community is, indeed, paying off,” said McKenna.

According to Standard & Poors, the upgrade is a reflection of the Town’s “strong budgetary performance and improved budget flexibility” as well as “improving financial management practices and stronger budgetary planning and forecasting.”

McKenna said the timing of the market, the election and other factors helped save the Town $978,000, or 10 percent of the $9.8 million Miller Field project. Bonds help pay for projects like Miller Field and other municipal projects.

“People outside of Winthrop are really believing in Winthrop. There’s a strong interest in bond purchasing,” McKenna said. “It’s real money coming back to the taxpayers

There are many people who encouraged wise budgeting and fiscal disciplines, McKenna said. He thanked the auditors: Powers & Sullivan; financial officers Mike Perez, Elizabeth Zaleski, Tim Gordon and  Speaker of the House Robert DeLeo, who has supported all of our efforts to improve the community through grants and other resources.

“It’s a real statement when you work together it yields incredible benefits,” McKenna said at Tuesday night’s council meeting.