Hamburg Township Receives Highest Available Bond Rating
July 14, 2020
By Mike Kruzman / news@whmi.com
Despite being in the midst of a pandemic, one local township has scored the highest available marks for financial responsibility. Following a comprehensive review of finances and policies, Standard & Poor’s has given Hamburg Township a AA+ bond rating.
Treasurer Jason Negri said, in a release, that due to significant economic disruption and uncertainty caused by COVID-19, that no municipality is receiving the top rating of AAA. Given these circumstances, Hamburg’s rating is the highest possible.
In their rating letter, Standard and Poor said that Hamburg has a strong financial position with years of surplus leading to high reserve levels. The letter stated that while they expect Michigan’s economy to be significantly impacted during this recession, they believe Hamburg’s financial position and track record will allow the township to sustain the current rating in the near term.
Clerk Mike Dolan said this was quite a turnaround from when he first took office in 2008, when the township was in more “dire financial shape.” He said they are now better positioned to weather storms like those they may be facing from COVID-19, without having to cut services. Supervisor Pat Hohl added that the score will also save residents money by reducing their Special Assessment District bond payments.