Old Village Gets AAA Rating From Standard & Poor's

The village is issuing $1.7 million in bonds to primarily fund its public improvement program, which consists of the continuation of the roadway repaving program as well as the replacement of municipal equipment and vehicles, according to a village press release.

“This honor we received from Standard & Poor’s is a testament to our hard working staff and endorses the way the village operates and manages its funds,” said Kreitzman in the release. 

According to the report, the rating reflects Standard & Poor’s opinion of the Village of Great Neck’s “strong financial position;” “moderate-to-low debt burden with rapid amortization;” “extremely strong property values,” and “high income levels.” The report also states that “Standard & Poor’s considers the village’s financial management practices “good” under its Financial Management Assessment methodology.”

In addition, Standard & Poor’s considers the Village’s general fund reserve position and general fund expenditures both “very strong.”

This highest rating not only pertains to the Village of Great Neck’s newly issued bonds but Standard & Poor’s affirmed that rating for all of the villages outstanding bonds.