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Board hears explanation of Moody's downgrade after $17M borrowing; staff map options to rebuild reserves
Summary
Finance staff told trustees Moody's downgraded the village GO rating from Aa2 to Aa3 because of lower fund balances and higher leverage from recent issuances; staff outlined options including shifting hydrant fees to the water utility, using levy capacity to build reserves, pursuing a 2027 PSC water rate case, and considering asset sales.
Trustees pressed staff for answers after the village's general obligation rating fell a notch from Aa2 to Aa3 following a roughly $17 million borrowing.
Finance Director Matthew explained Moody's rationale: decreased days cash on hand and higher leverage following recent debt issuance. "Moody's cited a decline in fund balance and increased leverage relative to…
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