North Hempstead has maintained its Aaa bond rating for the 14th consecutive instance and the second time this year, according to Moody’s Investors Service. 

The organization cited stable financial operations, healthy reserve levels and a strong economic profile for the town while lauding its conservative fiscal management. 

The rating specifically references the town’s approximately $23.4 million Public Improvement Serial Bonds and general obligation limited tax, which also earned an Aaa rating.

“The stable outlook reflects the town’s conservative fiscal management practices, which will support continued healthy operating performance and maintenance of a strong financial position,” Moody’s said in its report. 

The rating agency acknowledged that although the town is largely built out and will most likely not grow at the same rate as the rest of the country, that is offset by “strong resident income and full value per capita.”

North Hempstead Supervisor Jennifer DeSena said in a statement the rating reflects her administration’s efforts to put taxpayers first.  

“I am extremely proud that the Town has received a Aaa bond rating from Moody’s. My administration has made it a priority to run this Town with a taxpayer-first principle, and this 14th consecutive affirmation of the Town’s Aaa bond rating is further proof that the Town is being run in a fiscally sound manner,” DeSena said.

“The Aaa rating is the highest a Town can achieve and will save residents real money as the Town will continue to pay significantly less money in interest. The best part is we were able to achieve this rating while also unanimously passing a 5% tax cut in this year’s budget.”

Moody’s said an increase in leverage or the “significant decline” in reserves or liquidity are the only factors that can lead to a downgrade of the current rating. 

North Hempstead first became an Aaa bond-rated municipality in March 2017.