Moody’s Investors Services increased Somers’ credit rating to from A3 to A1.
The credit rating agency looked at Somers’ strong financial position, healthy reserve and liquidity in making the decision to increase the rating.
“Village trustees, Town supervisors and Village/Town staff have worked very hard to increase our rating and are very happy to see this hard work pay off for our residents,” administrator Jason Peters said.
Moody’s anticipates that the financial outlook for the Village/Town will remain healthy through conservative budgeting and managing expenses. Revenue has outpaced expenditure in four of the past six years.
The available fund balance at the end of 2018 was $4.9 million, 69 percent of operating revenue, a significant improvement from 2014, when the available fund balance was negative $183,000.
Moody’s full report is available here.