Bristol Borough is maintaining its Kroll Bond Rating in 2017.
The rating is done on an annual basis, according to Borough manager James Dillon. The most recent report came in on March 22, and showed the borough maintaining its strong credibility.
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The Kroll Bond Rating Agency, or KBRA, affirmed the long term rating of A+ with a stable outlook, the report states.
The grade is based on four different categories, including governance and management structure and policies, municipal resource base, debt and additional continuing obligations and financial performance and liquidity. Each of these categories received an “A” grade from the KBRA.
To illustrate the good place the borough and its taxpayers are in, Dillon explained that the only large debt the borough owes is on the ice rink, which will be paid off in 2025.
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In 2004, about 50 percent of taxes went to debt obligations, now it is only about 10 percent, Dillon said.
During the meeting, Council President Ralph DiGuiseppe announced that the Lenox building and property has been sold for $20 million. The borough council and school district will each receive about $100,000 in transfer taxes, he announced.
