Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Sharon affirms AA bond rating; certified free cash rises to $12.07 million ahead of bond sale
Summary
Town Administrator Fred Turkington told the Finance Committee that S&P affirmed Sharon's AA bond rating, the bond sale is scheduled for Feb. 3, and the Department of Revenue certified free cash at $12,066,104—an increase from the prior year.
Town Administrator Fred Turkington told the Finance Committee on Feb. 2 that Standard & Poor’s affirmed the Town of Sharon’s AA bond rating after a Jan. 21 review and that the bond sale was scheduled for Feb. 3.
"S&P affirmed the Town’s bond rating at AA," Turkington reported, noting staff reviewed the draft rating narrative and successfully challenged several factual inaccuracies before S&P issued its final text. He said the report cited some concerns outside the town's direct control, including actuarial assumptions used by the Norfolk County Retirement System, even as Sharon's reserves have grown from about 6.5%–7% in 2018 to more than 10% today.
Turkington also reported that the Department of Revenue certified free cash at $12,066,104, up from $10,779,470 the previous year. He said approximately $2.5 million in MSBA reimbursement is being held back pending final audit on the high school project, contributing to short-term borrowing needs.
Why it matters: an affirmed AA rating supports lower borrowing costs for capital projects and reflects the town's reserve strength; certified free cash increases Town flexibility for near-term capital or one-time needs.
Votes at a glance
- Approval of minutes (Dec. 15, 2025): Motion passed 9-0-1 (one abstention by Daniel Lewenberg). - Appointment: Chris Pimental nominated to the Standing Building Committee selection committee — passed 10-0.
Next steps: the bond sale is scheduled for Feb. 3; the bond prospectus and rating report will be posted on the Town website, and staff will continue to monitor reimbursement timing for MSBA and report interest rates when available.
