Sandwich Taking Steps to Attain Higher Bond Rating

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SANDWICH – Although recently retaining its AA-plus bond rating, Sandwich town officials are intent of raising its rating to AAA-plus.

Town manager Bud Dunham told the Board of Selectmen this fall that during the conversation with Standard & Poors Financial Services LLC rating agency, that there were suggestions on how to raise the rating, beginning with the town’s reserves.

“(They) suggested increasing some of our reserves, especially the stabilization fund, and just to do some additional written financial policies,” said Dunham.

In addition to the stabilization fund, Dunham also believes that a submitted community compact agreement with the state will also have a positive impact.

Sandwich has historically budgeted tightly, which according to Dunham, is another factor for its rating.

“If you look at how tightly we budget and how little we have in reserves compared to any town even close to our size, we’re way behind,” Dunham said. “But they recognize that’s how we’ve done it for many decades.”

During a recent budget forum, Dunham did indicate to town officials that the stabilization fund should be a priority as the town begins its FY 2018 budget process.

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