Tolland's Financial Upgrade Will Save Money

Economic troubles may be plaguing the country, but Tolland’s financial future is looking brighter.

According to Acting Finance Director Agata Herasimowicz, the town’s “stable” AA rating with Standard & Poor’s has been upgraded to AA/positive outlook. The town’s stable AA+ outlook with Fitch Ratings remained unchanged.

Herasimowicz said that the improved Standard & Poor’s rating will save the town money in the long term, particularly with more competitive interest rates for loans.

“We’ll be getting better interest rates,” she said, going on to explain how the town earned the financial improvement through conservative financial decisions.

“We try to maintain a certain level of reserve,” Herasimowicz said. “We try to save a certain amount at the end of every year.”

The Fitch Ratings press release posted on the Market Watch Web site, highlights the town’s consistent and generally consistent fund reserve levels, conservative budget and financial history and moderate debt level as examples of sound financial practices.

Town Manager Steven Werbner praised the work of town employees and elected officials for promoting sound financial policies.

“Any upgrade in this environment is a significant indication of how the financial world views the credit worthiness of the town,” Werbner said. “The community should be proud of the fact that outside reviews of the towns such as this reflect positively on the hard work town staff and elected officials are doing to conduct town business in a cost effective and efficient way.”

According to the town Web site, bonds will be sold over the next week to support various town projects.

The Standard & Poor’s rating cannot be viewed for free, but check out the Fitch Ratings press release to view the group’s financial rating for Tolland.