New Milford continues to have an Aa1 rating and the negative outlook has been removed by Moody's. Mayor Pete Bass thanked the town's finance team for righting the ship, despite a tremendous headwind with state cuts to revenue. Staff has been reorganized, a line by line cost analysis was done and the commercial grand list is growing.
The Aa1 rating from Moody's is assigned to the town for having a stable tax base, healthy reserve funds, and conservative budgeting practices and formal policies.
Moody's removed the negative outlook with the expectation that New Milford's conservative budgeting practices and strong operating performance will continue. The negative outlook was assigned last Octoberas a reflection the State's then-ongoing budget impasse and the significant cuts to New Milford's state funding in the executive order that governed state spending during the impasse.