Information from the Village of Northfield.
When the Village of Northfield asked its residents for home rule authority in November 2010, the primary reason was to provide the village with increased financial stability and flexibility.
The village believed home rule authority would among other things provide the opportunity to increase our bond rating.
Since 2010, the village has worked diligently to stabilize its financial condition and adopt policies to demonstrate its conservative financial management. As a result, Standard & Poor's Rating Services has raised the Village's bond rating from AA+ to AAA - its highest rating. The Village is now one of only 12 communities rated AAA by S&P.
In their rating, S&P noted the village's:
- very strong incomes and extremely strong market value per capita
- very strong reserves in accordance with an adopted fund balance policy, and
- low overall debt burden as a percentage of market value.
At a time when many government entities are being downgraded, the Village is very proud of accomplishing this important goal. Click here to read S&P's complete report.
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