Northville Township has received the coveted AAA Bond rating from S&P Global Ratings, formerly Standard & Poor's. The AAA Bond rating is the highest possible, and Northville is one of fewer than 20 communities in Michigan to receive such an honor.
“The board of trustees and our staff have been working hard to strengthen our financial position by lowering long-term costs, building strong fund balances, and keeping taxes low,” said Mark J. Abbo, Northville Township supervisor. “These efforts have resulted in the strongest bond rating from Standard & Poor's and will benefit the township for decades to come.”
S&P Global is a business intelligence company which provides high-level assessments of public and private companies, as well as government's credit risk. In its latest report, S&P pointed to the township operating surpluses, strong reserves and improved pension and other post-employment benefit (OPEB) funding as reasons for increasing the township's bond rating.
“This AAA bond rating is so important to our community,” added Northville Township Treasurer Jason Rhines. “This rating will save the community thousands of dollars when it comes to borrowing funds for larger projects, like the demolition of the remaining buildings at Legacy Park as announced last October.”
Northville Township also has been repeatedly recognized by the Government Finance Officers Association for budget and financial plans, most recently for the township 2021 budget. Northville Township one of the few communities in the state to have a AAA Bond rating and is in the top 2 percent in Michigan for excellence in budgeting.
