 Arlington's triple-A from Standard & Poor's could mean the town will save $250,000 per year over an unspecified period, Charles Foskett, head of the town Capital Planning Committee, has told Selectmen Diane Mahon. "A higher bond rating can save us 0.5% or more in interest when the bonds re sold, and since we have $50 million or so in outstanding bonds, on the average that would save typically, maybe more," Mahon wrote to the Arlington e-mail list Aug. 20.
On Aug. 21, Mahon confirmed she was quoting Foskett, both of whom gave permission for publication.
They were reacting to news from town Treasurer
Stephen J. Gilligan, who announced the rating Aug. 18. The AAA rating is the highest
assigned to municipalities and corporations.
Mahon also wrote to the e-mail list:
"As Co-Chair of the last override [2005] and upon contacting one of my colleagues on this......here my response:
"There were several factors, all interrelated that have resulted in this higher Bond rating (actually, highest - AAA).
"1. Good management by the BoS, School Committee, Town Manager and Superintendent.
"2. Good financial stewardship by the Treasurer.
"3. Solid revenue stream means revenues in excess of expenses, so that would not be possible with out the override.
"4. Solid reserves and financial position would not be possible without the 5-year plan and the discipline to stick with it.
"5. Careful and conservative borrowing and good capital planning discipline, including the debt exclusions for the school projects.
"One could say that our five year planning process for operating and capital is the key, because without that you can't get the others and wouldn't get he override, etc."
|
Enuma Elish
performs "Metropolis" Thursday, Nov. 20, at 8 p.m. at the Regent
Theater. General admission...
