Wilmington Maintains Its AA Bond Rating From Standard  Poors

first_imgWILMINGTON, MA — Wilmington officials were pleased to retain its AA+ bond rating from Standard & Poor’s, but they aren’t satisfied.After a rating review conference call on May 16, Standard & Poor’s determined Wilmington would remain at AA+ status. Town officials were hoping to upgrade to AAA.“We made a very strong case as to why Wilmington is a sold community financially. Quite frankly, we were looking to pursue an upgrade to a AAA community,” said Town Manager Jeff Hull. “At the end of the day, Standard & Poor’s was very complimentary on many aspects of our operation, but we did retain the AA+ rating, which we’ve had for some time now.”Town Accountant Mike Morris said Standard & Poor’s noted many positives in their review, including:Strong local economyStrong financial management policiesConservative budgetingLong-term budget forecastingStrong liquidity with healthy free cash reservesLow debt thresholdValue of industrial properties in townBroad diverse business economy in town, including Analog expansionRespectable “Average Buying Income”Creation of a Master Plan Facilities Study“Kudos to the Town Manager and his team for getting a AA+ again,” responded Selectman Chair Kevin Caira. “They’re probably a little disappointed, but a AA+ a big positive for the town, without a doubt. This is really a glowing report.”“I really appreciate both [the Town Manager and Town Accountant] not being satisfied with the AA+,” added Selectman Greg Bendel. “I appreciate you striving for a AAA rating and I’m confident we can get to it.”Selectmen Mike McCoy and Ed Loud offered brief positive comments as well.While the town is addressing its retirement and OPEB (other post-employment benefits) liabilities by establishing reserve funds and annually paying both amounts down, Standard & Poor’s feel sit could be doing more in this area.“S&P was looking not only at the town’s plan to set aside funds to pay off its liabilities, but steps being taken on the other end to reduce the cost of its liabilities,” noted Hull, he pointed out that the town recently enacted a change, which goes into effect on January 1, 2019, where retired employees currently on a particular health insurance plan (MEDEX Plan 3) will be transitioned to a less expensive plan (MEDEX Plan 2). “Next time we go through a review, we’ll get credit for that.”“Retirement [costs] are our biggest burden and why we didn’t receive an AAA rating,” Morris agreed.In a related moved, Selectmen authorized the issuance of a 15-year bond in the amount of $5.3 million to cover the costs associated with the creation of the Yentile Farm Recreational Facility, a Fire Pumper, the Water Main Replacement project on Middlesex Avenue, and the Water Main Replacement project on Ballardvale Street.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… RelatedGOOD FINANCIAL NEWS: Wilmington Retains AA+ Bond RatingIn “Government”SELECTMEN NEWS: Town Maintains AA+ Bond Rating, Getting Closer To AAAIn “Government”SELECTMEN NEWS: Board To Interview 2 Finalists For Finance Director/Town Accountant On Wednesday NightIn “Government”last_img read more

STATE REP RACE Dave Robertson Endorsed By Wilmington Tewksbury Police  Fire

first_imgTEWKSBURY, MA — Below is a press statement from the campaign of Dave Robertson (D-Tewksbury), running for the 19th Middlesex State Rep seat.The Committee to Elect David Robertson, comprised of local business owners, elected officials, and community leaders from across the 19th Middlesex District, announced today that David Robertson has received the endorsement of the Tewksbury and Wilmington Police and Fire departments.“I am honored and truly humbled to receive the endorsement of the Tewksbury and Wilmington Police and Fire Departments,” said David Robertson, the democratic nominee for the 19th Middlesex House of Representatives district. “I have the utmost respect and appreciation for the brave men and women who serve as first responders in our district, and as your next State Representative, I will work tirelessly to make sure they have the support, funding and equipment they need to keep our district, and themselves, safe.”“This is just another example of the kind of leadership that David will bring to the State House,” added campaign manager Gary DePalma. “We need someone who has the knowledge and experience to deliver for our district, and David is that candidate. Having worked in law enforcement myself, I know firsthand how passionately David cares about our first responders. He is absolutely the right choice to be our next state representative.”To learn more, visit http://www.RobertsonforRep.com and remember to vote on Tuesday, November 6th.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… RelatedSTATE REP RACE: Tewksbury Republican Committee Attack Robertson Over Wilmington Democratic Committee Chair’s StatementIn “Government”ALL POLITICS ARE LOCAL: Robertson & Gordon Endorse Ed Markey With Possible Kennedy Showdown LoomingIn “Government”STATE REP RACE: Prinzivalli Campaign Declares Debate Victory; Knocks Robertson On Dandi-Lyons & Sanctuary StateIn “Government”last_img read more

Wilmington OBITUARIES Week of July 7 2019

first_imgWILMINGTON, MA — Here are the obituaries published on Wilmington Apple during the week of July 7, 2019:Lived In Wilmington At Time Of Passing:Jena Perrone, 42Previously Lived In Wilmington:Thomas F. Connolly, 86Phyllis A. (Tabor) Ulrickson, 78Worked In/Volunteered In/Connected To Wilmington:Anthony Charles Mack, 78Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… RelatedWilmington OBITUARIES (Week of August 11, 2019)In “Obituaries”OBITUARY: Phyllis (Lanzilli) Catalogna, 98In “Obituaries”Wilmington OBITUARIES (Week of July 28, 2019)In “Obituaries”last_img read more