Interest rates are a common discussion these days, but more in a “I’m glad I refinanced the house last year before the Fed raised interest rates” sort of way. We don’t often discuss or contemplate how interest rates impact our public debt, or, moreover, what impact rising interest rates have on the tax dollars required to support the principal and interest payments for our borrowing to build and buy things in town.
We may not think about those details, but it’s good that someone has, saving us millions of dollars over the course of multiple borrowings over the last several years. That someone is Jennifer Mullen; she has thought about interest rates and financial stability constantly in her time as the town’s first finance director. Her thoughts led to action, in creating a new level of transparency and accountability in our reporting, and her actions led to historic levels of reserves that resulted in the town receiving a AAA bond rating, the highest possible rating for public debt. This rating is not simply an academic score. The bond rating has a direct impact on interest rates; the higher the rating, the lower the cost of debt. Hence the importance of thinking of these things.
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September 23, 2022 at 11:00AM
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Troy's Take: Many Thanks To Our Colleague And Friend - CapeNews.net
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