- I am most pleased to report that yesterday Moody’s Investors Service assigned a AAA rating to New Castle’s $7.8M 2013 Public Improvement Refunding and $5.4M Public Improvement Bonds. The refunding bonds will be used to refund the Town’s 2002, 2003B and 2005 series for an estimated net present value savings of $695,000. The remaining bond proceeds will fund various capital improvement projects of the Town.
Moody’s cited the strengths of the Town as being its large tax base with well above average socio-economic indicators; its stable financial position; its well managed town; and its minimal debt burden. However, Moody’s did cite our challenges as maintaining structurally balanced operations with minimal fund balance appropriations; revenue raising constraints of the state tax cap; and rising costs of employee benefits including pension and OPED obligations.
Just a point of interest: the Town first attained its AA rating in 1988 and then its first AAA rating in 1999.
- Almost a year ago, former Assemblyman Robert Castelli had contacted Joan McDonald, New York State Department of Transportation Commissioner, to help get some relief for the Millwood area to provide screening from DOT’s work yard along Route 100. In a letter, the Commissioner responded to Bob “…the Department is interested in partnering with the Millwood Task Force in providing beautification screening for the public. This seems like it would be a good approach until NYSDOT can reconstruct the facility.” Jordan Schiffman, a member of the Millwood Task Force contacted me about this letter, which was between Castelli and McDonald. I contacted Assemblyman Buchwald’s office, who is in the process of procuring some funds for the Town towards this effort. About a week ago, Michael Stern, co-chair of the Millwood Task Force, Jordan Schiffman, Jason Wolanger, Assistant Resident Engineer and Landscape Architect from DOT, and I, walked the area and then sat down to look at the plans for the new building, work which is to begin one year from now. We were informed that DOT would provide funds to match whatever we, through Assemblyman Buchwald’s office, could provide to beautify the area now or we could wait one year and see how the landscape plans on the site were planned. We could then use the “funds” later if needed. The consensus was to wait the year since the wait had been this long already. It was also agreed that if the work did not begin as anticipated that the group could reconvene and rethink the plan. Mr. Wolanger and I have agreed to stay in touch over the course of the year to follow the progress of the DOT project!
- Last week staff met with Con Ed operations staff to discuss more work that is being done both with the liaisons and some prototype informational programs. We have volunteered to serve as a pilot site for their muni dashboard program, which will eventually allow liaisons and ultimately the municipalities to have more information about locations of the con ed crews as well as the crews brought in from out of Town. As we become more involved in the pilot, I will be reporting on this project.
- Town wide Cleanup Day is April 27th, the same day as Rotary’s Pancake Breakfast. The Beautification Advisory Board has been very busy planning for the Clean Up to make it a very successful event. They have enlisted four tree companies to do clean up around town. Almstead, Hudson Landscaping, Save a Tree, and Westchester Tree Life are all volunteering their services for the day. Bart Carey, our Recycling Foreman and the Beautification Advisory Board are working on specific areas in town that need attention. We will mention this event again, but we are most grateful to these companies for their services to the Town and want to let everyone know.
That’s it for tonight.
Penelle M. Paderewski
Town Administrator, Town of New Castle