Brick Municipal Building / Photo: Daniel Nee
Brick’s credit rating was assessed at Aa2 by Moody’s Investors Services, the third-highest rating a municipality can receive.
The ratings is considered “high grade” and an overall investment-grade rating, which allows the township to pay low interest rates on its debt.
“They look at us as a very financially supple town,” said Mayor John Ducey.
|
|
Ducey said part of the reason for the high rating was due to the township’s current surplus. Brick’s surplus level became a campaign issue during the most recent election, with the Republican council candidates criticizing Ducey’s administration for keeping approximately $10 million surplus.
“They’re giving us the highest rating because we have the surplus,” Ducey said. “There was talk leading up to the [election] that we shouldn’t have a surplus, that it’s a waste. But it shows we’re a financially strong town, that we’re not going out of business.”
Brick uses its borrowing power to fund its capital budget, which includes items such as road improvements, park projects, equipment upgrades and other infrastructure improvements.
“The only way you can do a park, do infrastructure [projects], is to borrow,” said Ducey. “And the interest rate you pay is based on your rating. It’s not the most exciting thing in the world, but it’s an exciting thing for the town.”
Brick Life
The Other Shoe
