Supervisor Bosworth Announces Nearly $1.5 Million In Savings For North Hempstead Taxpayers

Port Washington NY

07 December, 2020

10:53 AM

Description

Press release from the Town of North Hempstead: December 2 2020 North Hempstead, NY – North Hempstead Supervisor Judi Bosworth and the Town Board have announced that the Town has converted outstanding tax-exempt bonds into taxable bonds and refinanced existing tax-exempt bonds at a lower interest rate, resulting in a savings of $1,449,772 for North Hempstead taxpayers over the course of the next 12 years. "The Town's finance team works extraordinarily hard to find new ways to save our taxpayers money," said Supervisor Judi Bosworth. "By identifying these favorable opportunities, we will save a significant amount of money. This effort is part of our commitment to strong fiscal management and ensuring the Town continues to remain on solid financial footing." The average annual savings in interest costs will be $99,887 for seven years, and $80,985 for an additional five years following the first seven-year period. Additionally, some of the Town's Special Districts will see $36,679 in average annual interest costs savings for seven years, and $17,777 in average annual interest cost savings for an additional five years following the first seven-year period. Last month, the Town announced that their Aaa bond rating was reaffirmed by the independent ratings agency Moody's. This reaffirmation was the Town's 9th consecutive since being granted the highest rating a municipality can obtain. Additionally, the Town has consistently been recognized for excellence in financial reporting by the Government Finance Officers Association with a Certificate of Achievement for excellence in Financial Reporting. This press release was produced by the Town of North Hempstead. The views expressed here are the author's own.