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Moody’s Investors Service has recently assigned a Aaa rating to the Town’s general obligation municipal purpose loan of 2020 bonds and affirmed the Aaa ratings on Weston’s outstanding general obligation unlimited tax and general obligation limited tax (GOLT) bonds. The rating outlook is stable.
The outstanding general obligation unlimited tax bonds are considered unlimited tax because the entire amount of debt service has been voted excluded from restrictions under Massachusetts General Law on the Town’s ability to increase the property tax levy to pay debt service, referred to as Proposition 2 1/2. Moody’s considers the pledge supporting the outstanding limited tax bonds to be general obligation limited tax because not all of the debt service has been excluded under Proposition 2 1/2.
The Aaa rating reflects Weston’s stable financial position, manageable debt burden and pension liability, an aggressive OPEB funding policy, and conservative fiscal management with formally adopted financial policies. The absence of distinction between the GOLT rating and the general obligation unlimited tax rating reflects the Town’s ability to override the property tax cap and its pledge of its full faith and credit.
The stable outlook reflects Moody’s expectation that Weston will maintain a sound financial position bolstered by strong fiscal management. The outlook also incorporates the Weston’s commitment to addressing its long-term liabilities while budgeting and managing expenditures conservatively. The long history of taxpayer support for capital expenditures, provides additional stability.
To read Moody’s full report, please follow the link below. More information on the Town’s financial management policies and budget reports is also available by following this link.
Currently, the fiscal year 2021 operating budget is under development. To follow the development process, subscribe to receive agenda and minutes notifications from the Finance Committee, Select Board, and the School Committee at www.weston.org/StayInformed. All meetings are open to the public. The fiscal 2021 operating budget will be presented to Annual Town Meeting on May 11th for final approval.