BOROUGH’S BOND RATING INCREASED FOR SECOND TIME IN FOUR YEARS
POINT BOROUGH ACCOMPLISHES HISTORICAL FISCAL MILESTONE
Borough of Point Pleasant – Borough Administrator Frank Pannucci stated that “Just four years ago because of the managerial changes brought about by Mayor Sabosik and the Borough Council, Moody’s Investors Service upgraded the Borough’s bond rating to Aa3, the highest in the history of Point Pleasant at the time. Now in June of 2019, just four years later, the Borough has once again had it’s bond rating increased, now to a Aa2 rating. This is the highest ever in the history of the Borough of Point Pleasant.”
“This is a rare occurrence not just for Point Pleasant, but for any municipality to have their bond rating increased not once but twice within a four year period” said Mayor Robert A. Sabosik. “I am beyond pleased that the Borough’s efforts have been recognized by Moody’s Investors Service and this rating upgrade is a direct reflection of our team’s commitment to sound business practices, capital investment and responsible long-term financial planning.” Mayor Sabosik continued to elaborate that “To make this happen has been an all-around team effort from the Mayor’s Office and Borough Council, to our staff at Borough Hall and our professionals. I always say, together we achieve more, and this team continues to improve Point Pleasant for all of it’s residents.”
According to Borough Administrator Frank Pannucci, “This rating clearly shows how strong our financial footing is now. Because of the policies this Mayor and Council have implemented these last few years by budgeting conservatively and taking oversite seriously, we now have strong finances, strong management of those finances and a healthy surplus. Mayor Sabosik and the Council really need to be commended, it all starts with their vision and they’ve accomplished what they said they would do. Further, the staff at Borough Hall needs to be thanked as well, every person in their respective roles contributed from our CFO who is probably the best in the State of NJ, to our Tax Department that improved the Borough’s collection rate to other Department Heads that contribute to the overall management of the Borough.”
Councilman Joseph Furmato, who chairs the Council’s Public Works Committee, added that “This will help us continue to improve the infrastructure of the town going forward immensely. We’ve already done a record number of capital projects including roads, parks and water & sewer infrastructure since our last rating increase and with this new increase, we’ll be able to continue our progress of improving our community for all of our residents. With such a high bond rating, we’ll be able save tax payers hundreds of thousands of dollars when we bond for much needed projects like more roads, sidewalks, drainage and parks. Simply put, I’m thrilled by this. I ran for office to improve the Borough and even though we’ve accomplished a lot, there’s still so much more I want to see done and this new rating is a vital tool in us accomplishing those goals.”
Councilman John Wisniewski, who chairs the Council’s Finance Committee, added that “This was no easy feat by any means. We laid out a plan years ago when we got on Council to change the perception of Borough Hall and turn it’s finances around. We stuck to that plan and now here we are today seeing the fruits of it come to bear. This rating increase is more than just an increase, it is validation of good management and sound policies.”
Point Pleasant Chief Financial Officer Himanshu Shah explained that “New Jersey municipalities have an institutional framework score of “Aa”, meaning strong. Our new bond rating of Aa2 means that Point Pleasant has very strong credit worthiness in comparison to other municipalities and tax-exempt institutions. This higher rating will save taxpayers money because it will allow the Borough to borrow at much lower interest rates.” Mr. Shah also thanked the Borough’s professionals as well for contributing to this financial milestone including the Borough’s Bond Council William Mayer from DeCotiis, Fitzpatrick & Cole, LLP, Borough Attorney Jerry Dasti, financial advisers from Pheonix Advisors and our Auditing Firm Holman, Frenia & Allison.
Mayor Sabosik reiterated that “Our hard work will continue as we constantly look to build on our successes and improve this community that we all care about so deeply. I’m proud to say this Administration is constantly striving to improve and continue to grow, we don’t rest on our laurels, we are committed to making Point Pleasant the best it can be.”