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Norwood light department cites stronger financial ratios and imminent fiber-to-home launch
Summary
At its June 12 Finance Committee meeting, light department leaders reported improved liquidity and lower debt, outlined a near-term broadband rollout and described how broadband financing is structured under municipal utility accounts.
Kevin Shaughnessy, superintendent of the light department, told the Town of Norwood Finance Committee on June 12 that the department’s credit metrics and cash position have improved and that a fiber-to-the-home broadband service is expected to go live within weeks.
Shaughnessy said the department’s liquidity “is increased considerably, to about, 36,000,000. With days liquid is 232,” and added that debt has declined by roughly $8,000,000, lowering the department’s debt-to-capitalization ratio to about 33% from about 47% last year. He and Dan Murphy, chief operating officer, described the department as “in pretty good shape” financially and said S&P’s most recent credit review of the utility was published the day of the meeting.
Why this matters: The light department operates as a municipal utility with bonds that, as meeting participants noted, can be general obligation obligations for the town in limited circumstances. The department is also…
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