Irvington, NJ, July 31, 2014:
Mayor Tony Vauss and the City Council of Irvington announced that Standard and Poor’s Rating Services raised the credit rating of the Township from BBB- to BBB. This increase in rating makes it more financially feasible for the Township to bond for capital improvements of buildings and to purchase much needed equipment. The better the rating, the better the cost of borrowing money by the Township.
The director of Irvington’s Department of Revenue and Finance, Faheem Ra’Oof, explained that the improvement in the rating was a result of” the Township tightening controls over budget expenditures and purchasing compliance.” He also advised that the rating could be increased even further if “we continue with stringent controls over the budget expenditures as well as eliminating all deferred charges.”
Mayor Tony Vauss was pleased to hear of the improvement in the Township’s rating as this will: “Better enable my administration to improve the quality of life of our residents and commercial citizens, as we will be able to bond at a reasonable rate to secure funds for improving the conditions of our buildings, and purchasing new equipment such as fire trucks, and street repair and cleaning equipment. It is my goal that the credit rating will continue to improve during my tenure as mayor.”
For additional information please call: Director Ra’Oof at 973-399-6709.