From the office of Town Administrator Derek Sullivan:

On Tuesday, June 14, 2016 Wareham Town Administrator Derek Sullivan announced that Moody’s Investors Services upgraded the Town of Wareham’s general obligation bonds to Aa3 from an A1. Sullivan said Moody’s cited several factors for the upgrade; especially the Town’s strengthened financial position and conservative budgetary practices instituted by a new management team starting in September 2013.

Other factors are:

• Commercial and residential projects including the new All American Assisted Living Facility at Rosebrook Place
• Limiting the use of fund balance (free cash) to balance the budget
• Rebuilding reserves by moving 50% of free cash to the stabilization fund
• Reducing budgets to maintain structural fiscal balance after failed Proposition 2.5% Override.

This is not just a one level jump. This upgrade moves the Town into the high grade bond category, considered high quality and a very low credit risk. Besides interest rate savings when borrowing the Town will realize additional savings including no longer being required to have bond insurance.

Sullivan is extremely proud of the work done by Town employees and volunteers. The administration has followed through with what the residents and taxpayers of this community were told. That means the Town has stopped unsustainable financial practices and made cuts to expenses and services when necessary.

The Town and administration will need to continue economic development with intelligent projects. Most importantly the administration will need the support of the community as it continues to bring forth new policies and ideas to Town Meeting.