Mayor Panzenbeck is proud to announce some newsworthy information related to the City’s recent Moody’s credit rating upgrade which reflects the City’s improved financial condition.

‘Moody’s Ratings upgrades to Baa1 from Baa2 the issuer rating and general obligation limited tax (GOLT) rating on the City of Glen Cove, NY. Concurrently, Moody’s assigns Baa1 to the estimated $5 million Public Improvement Serial Bonds – 2024.’

According to Moody’s, “…The upgrade to Baa1 from Baa2 is reflective of structurally balanced budgets that have significantly grown reserves. While the reserves remained negative at the end of fiscal 2023, fiscal 2024 is already trending positively and a return to positive fund balance will likely occur over the next two years…”.

 

We are continuing to improve our financial condition and wanted to share this with the community.