Canton achieves AAA rating for 5th straight year

For the fifth consecutive year, the town of Canton has been awarded the highest bond rating of AAA by Standard & Poor’s Rating Services. Only 20 communities in the state have achieved this rating, which results in lower borrowing rates for the town.

Finance Director Jim Murgia told selectmen Tuesday night that the lower interest rates will lead to a savings of $700,000 over the next 10 years.

In an analysis of the town’s financial picture, Standard & Poor’s noted its strong budget flexibility, with 2013 available reserves projected to be above 10 percent of the general fund expenditures.

S & P also noted that the town has strong liquidity and cash levels to cover debt service and expenditures; strong management conditions; good financial policies; and low debt service as a percentage of total government expenditures.

The bond agency further concluded that Canton has “extremely strong property wealth, a strong economy, and access to the broad and diverse Boston metropolitan statistical area,” and concluded that the financial outlook for the town is stable.

In other news Tuesday night:

* Selectmen gave until the end of the week for the potential sale to be concluded of JNM Hospitality’s Centerfield’s Bar & Grill to William Apazidis, who owns a restaurant in Randolph.

Jim Marathas, owner of Centerfield’s, has been embroiled in a dispute with the zoning board, the building commissioner, and the Forge Pond Condominium Association over the last two years — primarily involving parking spaces — which he said led directly to the restaurant being closed. Selectmen became involved because no meals taxes have been paid and the liquor license has been inactive since January. Since October Marathas has been marketing the restaurant for sale. One deal fell through and the second one between he and Apazidis is under negotiations with the brokers for both parties.

Selectmen gave until this Friday, November 8, for all agreements to be finalized; otherwise they will meet on Tuesday, November 12, in emergency session to likely revoke the liquor license and keep it under the control of their board. Apazidis said he hopes to know for sure if the deal is accepted by all parties by November 7, although he said he was unaware of all the previous issues Marathas had with the association and the town until he heard the information at the selectmen’s meeting Tuesday night.

* Selectmen announced that Fire Chief Charlie Doody has been named president of the Norfolk County Chiefs Association.

* Selectmen announced a $2,500 donation from Republic Services, which goes into the selectmen’s mitigation account.

* Selectmen welcomed four new police officers and their families, and Police Chief Ken Berkowitz announced the promotion of Sergeant Michael Lank. The new officers are Zack Pearlstein and Tim Taylor, two recent graduates of the Boston Police Academy, Ryan Sceviour, a Canton High graduate and former Brewster Police officer, and Eli Anderson, formerly of the Sharon Police Department.

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Posted by Mike Berger on Nov 7 2013. Filed under News, Town Government. Both comments and pings are currently closed.