NEW YORK NY – If you have money and the desire to invest in common government bonds, the international popular Moody’s Investors Service said buying bonds issued by Lower Pottsgrove Township is a safe bet.
Moody’s in New York issued this month a five-page report to be reviewed the city can borrow money and repay debts, and confirmed first and high quality is “Aa3.” The rating is the fourth highest out of 10 available for investment instruments, naming Lower Pottsgrove a “low credit rating.”
It also reflects the city’s financial situation, efficiency, and the income strength of residents. Moody’s said.
Moody’s started its latest review of the city’s credit last November, and released its report on January 10 (Tuesday). It continues to follow the Commission’s Board of Directors. December 2020 results to sell $9 million in bonds to finance the construction of a design of the government campus so far it remains unbuilt after years of research and planning.
Efforts to build campus (on and on), at the southeast corner of Pleasant View Road and East High Street, it is temporarily suspended It was ordered by commissioners as of February 2022. Multiple rounds of bidding for the project, expected to use both its administrative offices and the police department, came in at about $8 million. money.
Before that was done, a contract was first accepted by the commissioner later rejected because the builder cannot have enough insurance to guarantee that the work will be completed properly.
Moody’s rating, and the commissioners’ dissatisfaction with the a no progress in the old campusThese are the issues that were discussed at the board meeting on Thursday (Jan. 19).
What Moody’s told investors
Investors often rely on services like Moody’s and their ratings to determine where to put their money to make more money.
Moody’s “ratings” (to the right) confirmed Lower Pottsgrove “has given its full trust, credit and taxing power to the legal owners, which current taxing power includes having the power to levy a tax on all taxable property within the city.” The language guarantees bondholders will be repaid.
For that purpose, Lower Pottsgrove Enact the Capital Gains Tax as part of his 2021 budget.
The tax in 2023 is rising to 0.75 million, which means that the owners of the house of the city “average” with the estimated value of $ 125,000 will pay annually $ 94 in taxes in the fund. The total revenue for each one is $600,000, according to city records. Tax bills b expected to ship in feb.
The review also mentioned the city:
- “It is expected to end the 2022 fiscal year with a low surplus, supported by special fiscal measures and a return to pre-epidemic business;”
- There are no plans to issue additional loans in the near future;
- “Pension liabilities are expected to remain at a high level;”
- Enjoy a “fixed rate (that is) very low below 5 percent over many years;” and
- Housing for residents whose “family income adjusted for regional equity” is 20 percent higher than the national level.
City Manager Ed Wagner said Thursday that the city was “very happy” that Moody’s “really thinks highly of us.” Lower Pottsgrove’s leaders don’t envision reaching a higher level in the future, he added, but what he’s got so far “is pretty good.”
The Moody’s review also indicates a future decline in the city’s balance sheet and financing because the money generated will later be spent on “major projects planned and the purchase of a new building a the government.”
However, since it is a public campus, most of that money is unlikely to be needed until the Development Committee determines how to move forward. A decision can be made later this year, the committee of President Ray Lopez announced on Thursday.
The Commissioners had already spent a great deal of money to buy the houses in East High Street, and hired an architect to design them (up) is a unified campus for police and administration. The Board of Directors stated in the past that it is considered to renovate a property that is on the real estate market now or in the future. if it meets the needs of the city.
So far, Lopez said, the committee has not found one.
Photo provided by the Post
Other Lower Pottsgrove Board announcements Jan. 19 meetings:
Moody’s Certified Municipal Credit Rating
A rating firm that advises investors on the credit-worthiness of local governments this month gave Lower Pottsgrove top marks. Its approval is based on a city bond issued to finance its unfinished school campus.
Restart the Eastern Highway Project this year
The state-owned East High Street is expected to be repaved in 2023 from North Pleasant View Road to Sanatoga in most, but not its entire length to the Berks County line, Lower Pottsgrove commissioners learned.
Three Residents Reappointed to Town Board
As part of its 21 minutes of public business Thursday at Sunnybrook Ballroom, the Lower Pottsgrove Board of Commissioners reappointed three volunteers to serve on town boards.
Unscheduled Sunnybrook Board meeting, required
Lower Pottsgrove commissioners met Thursday night at the Sunnybrook Ballroom because the Buchert Road council chamber could not be occupied. It was repaired with other parts.
The City Is Looking for New Solutions for its Downtown
The estimated cost of building a Government campus in Lower Pottsgrove on East High Street has grown out of reach. The city’s congestion problems remain. The Development Committee is hoping to hit the “reset button.”
Moved by Town Council Thursday in Sunnybrook
With the meeting room at the Lower Pottsgrove municipal building on Buchert Road receiving minor upgrades, the town’s Board of Commissioners moved its meeting Thursday night to Sunnybrook Ballroom.