S&P Global Ratings assigned its “AA” long-term rating to the Town of Monroe, citing very strong budgetary flexibility, very strong liquidity as well as a very strong debt and contingent liability profile.
The rating reflects Monroe’s positive operating performance as well as the town’s solid fiduciary responsibility to the taxpayer over the past few years which has resulted in strong reserve levels over time.
The S&P Global Analysis also noted the following when considering its rating of the Town:
· The Town of Monroe has a new management team in place since 2017, which started streamlining the town’s policies and financial practices through formalized auditing practices and strategic planning to ensure cost efficiency.
· Implementation of standard financial policies and practices resulting in positive budgetary performance and surplus.
· Low overall net debt.
“The improvement of our financial department’s policies and the steadfast approach through best practices along with our implementation of annual audits, a process not done prior to 2017, resulted in this stellar rating,” Monroe Town Supervisor Tony Cardone said in the press release detailing the S&P Global Rating. “It’s a rating that is beneficial to the town’s budgeting process and reflective of our commitment to our residents, both in the short term and long term. The diligent process of auditing as well as the efforts of all town employees over the last several years played a crucial role in this achievement.”