CFO: ‘Town aced with A+’ bond rating

For the second year in a row, New Canaan has received the Distinguished Budget Presentation Award from the Government Financial Officers Association.

Town Chief Financial Officer (CFO) Lunda Asmani shared the news along with the recent affirmation of a “Aaa” bond rating from Moody’s with the Board of Finance on Tuesday, April 13.

“One way to say it is, ‘all the things that are within our control we aced with an A+,’” Asmani said.

Two years ago, the town started producing an in-depth budget book in an effort to be “more transparent” with financial reporting, Asmani explained.

The 291-page budget book has been reviewed by peers who deemed it to have met excellence standards in reporting.

The budget book, filled with charts and graphs, is intended to serve as a policy document, financial plan, operations guide and communication device, Asmani explained.

The book offers a town profile with demographics, an economic outlook, financial polices, executive summary and detailed information on departments.

It includes chapters for each of nearly 40 departments, with information on their responsibilities, changes in operations, accomplishments, performance indicators, challenges, opportunities, personnel and historical budget information.

It also cites any recognition a department has received throughout year.

The town has also received the Distinguished Budget Presentation Award in the past two years, the Certificate of Achievement for Excellence in Financial Reporting from 2016-20 and Outstanding Achievement in Popular Annual Financing Report

for 2018-2020.

Picture on a Magazine

Asmani’s was also recognized with his face featured on the front cover of the April issue of International City/County Management Association Magazine, in an issue that discussed municipality fiscal resiliency.

He said many other towns and cities were hurt worse than New Canaan during COVID-19 since they depend on taxes not levied in New Canaan. Towns in other states charge business taxes and income taxes in contrast to New Canaan, where home owners predominantly pay real estate taxes.

Aaa rating

Lunda also told the finance board that, when the town went out to refund $5.2 million in bonds and replicate that amount in new money, Moody’s affirmed the town’s Aaa bond rating.

Moody's Investors Service issues the bond credit rating that represents the credit worthiness of corporate or government bond. The firm provides international financial research on bonds issued by commercial and government entities

Moody’s acknowledged the town’s relative wealth and sound fiscal policies and New Canaan was recognized for it financial management stewardship that is helped by “oversight with a board like yours and the Audit Committee,” Asmani told the Board of Finance..

Board of Finance Chairman Todd Lavieri congratulated Asmani and his team.

Comptroller Joanne Noone and Comptroller and Beth Straubel in Accounts Payable worked on the publications with Asmani, who also manages three others in his department, three employees in the Tax Assessors office and three in Tax Collection.