Tetreau also announced the town participated in a successful $35 million note sale realizing a 0.29 percent interest rate.
Tetreau said Moody’s reassessment of the coveted Aaa rating stated the following elements:
• Fairfield has a stable and improving financial position.
• Fairfield has strong management.
• Fairfield continues to fully fund the actuarially determined contributions for the pension plans.
• Fairfield’s management employs conservative budgeting and financial management as evidenced in stable reserve levels, formal fiscal policies, and long-term planning for capital expenditures.
“It is a great testament to Fairfield’s fiscal prudence that Moody’s has reaffirmed our community with the highest rating we can achieve," Tetreau said in a press release. "The town is extremely pleased with the outcome of the note sale. I thank our financial management team for their sound management that has resulted in the town being able to fund projects with these low rates that will save taxpayer dollars.”
In the photo: Front from left to right, Matthew Spoerndle, of Phoenix Advisors, the town’s financial adviser, Town Treasurer Helen D'Avanzo and Selectman Sheila Marmion. Standing in back, from left to right, are First Selectman Mike Tetreau and Frank Cleary of Pullman & Comley LLC, the town’s bond counsel.
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