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The town has already collected $4 million of a possible $13 million in extra money hidden from the budget process.
News & Commentary
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Original Reports
The 0.0% and 0.9% Elector Petitions Did Not Lower Moody’s Bond Rating
Question: Did the 0.0% and 0.9% elector petitions reduce Tiverton’s bond rating from Moody’s Investor Services? Here we go again with the bond-rating blame game. In order to refinance nearly $8 million of its debt, the Town of Tiverton asked Moody’s Investors Services to rate its bonds. Moody’s rating of A1 was only the fifth-best rating possible, and was lower than other cities and towns in Rhode Island, so town officials took to the Newport Daily News to redirect blame (“‘Challenges’ cause bond rating to slip,” 12/10/15): “Tiverton really didn’t stack up to the others,” [Town Treasurer Denise] Saurette said, [referring to a separate pool of Portsmouth, North Kingstown, and Burrillville,] “It was upsetting. They see us as a potential liability. It’s a black eye. We didn’t do as well as we wanted to.” The first excuse on the list? Moody’s noted Tiverton’s use of the general fund surplus to offset the tax rate, and the ability of a taxpayers’ group to override recommendations made by the town’s Budget Committee, Saurette said. A local politician took the finger-pointing one step farther: “This is the beginning of what we warned would happen,” said Town Council President Denise deMedeiros, speaking of past …
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Resources
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Resources
Documents
Links to documents relevant to town government that may or may not be available elsewhere.
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