The Village of Rockville Centre was recently awarded the highest rating possible from Standard & Poor’s Rating Service, earning a “AAA.”
According to a report released by S&P, the rating reflects the village’s strong economy, management and budgetary performance, as well as its flexibility, liquidity, debt and contingent liabilities, and institutional framework. As part of the rating, the village was also assigned a “stable” outlook.
“The village has consistently delivered positive operating results, supporting very strong flexibility and liquidity, despite a lack of formal practices and policies, which lends additional stability to the rating,” the report states. “As a result, we do not expect to change the rating in our two-year horizon.”
Rockville Centre’s budgetary flexibility is very strong, it notes, with an available fund balance in fiscal year 2017 of 16 percent of operating expenditures, or $6.8 million. The village expects a $2 million surplus in fiscal year 2018, which should increase available reserves to above 20 percent of expenditures.
“I am extremely proud of our high ratings with S&P,” Mayor Francis X. Murray said in a statement. “My administration has worked diligently to bring about fiscal discipline to the operation of our village while not impacting services. Much of this can be attributed to the professional team we have in place in Rockville Centre.”