Village of WestmontDate Issued: Sept. 25, 2013
“It’s rare that a municipality such as ours has not utilized or issued bonds to assist with the financing of community projects,” says Mayor Ron Gunter. “I’m sure part of the reason we received such a high credit rating is because we’ve been historically frugal over the years.”
The Village of Westmont recently earned a AA+ credit rating. The highest possible rating is a AAA. The AA category is the second highest category and is described by Standard & Poor’s (S&P) as “very strong capacity to meet its financial commitments.” The AA+ rating is the highest rating within the AA category.
Over the past several years the Village has made important and responsible financial planning decisions, which ultimately resulted in the excellent rating. Though there has been difficult financial challenges, S&P referenced items such as focusing on building reserves, the action to fund the pension at required levels, and the implementation of revenue enhancements as key components in regard to the high rating the Village received.
“I would like to thank the current and previous Village Boards for their sound fiscal policy decision making,” says Village Manager Ron Searl. “Without their support along with the expertise of staff, we would not have achieved this rating.”
“A high rating means lower interest costs, thus saving taxpayer dollars,” says Finance Director Spencer Parker. “By being rated as AA+ instead of A, the Village may save up to $300,000.00.”
The Village of Westmont will be securing bonds to finance a variety of necessary capital improvements including various street resurfacing and stormwater management projects.
Contact:Larry McIntyreVillage of Westmont Communications Directorlmcintyre@westmont.il.gov630-981-6245