Lambertville Dave Mayor Del Vecchio announced Tuesday that Standard & Poor’s (S&P) has boosted the City’s bond rating to the “AA” category. This will enable the city to obtain lower interest rates when borrowing for essential city improvement projects, he said.
“Our AA bond rating confirms that our city is on a sound long-term fiscal path,” observed Del Vecchio.
“The upgrade is based on the city’s improved financial metrics, including operating surpluses in the current fund over the past five years that have resulted in very strong budgetary flexibility and stronger reserves on a nominal basis, ” reads the S&P analysis.
The rating agency also cited the City’s “strong budgetary performance” and “very strong liquidity” as significant factors in the decision to upgrade Lambertville’s rating, officials underscored.
Lambertville’s annual budget will be voted on at a special meeting Tuesday night at 7 p.m. at the Philip L. Pittore Justice Center at 25 S. Union St. The budget contains a surplus of more than $1 million, officials point out, has no one-time revenue, and “holds the line” on taxes with an average homeowner increase of $22.88.
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