Newspaper article The Record (Bergen County, NJ)

Englewood Outlook Dips on Low Surplus

Newspaper article The Record (Bergen County, NJ)

Englewood Outlook Dips on Low Surplus

Article excerpt

ENGLEWOOD -- Years of keeping taxes flat has depleted the city's surplus, which has led to a slight reduction this week in its credit rating.

The city slipped from AA positive to AA stable rating from Standard & Poor's Rating Services.

"The outlook revision reflects the city's adequate budgetary performance, combined with a weakened fund balance position," Standard & Poor's credit analyst Danielle Leonardis said in a statement.

The revised outlook comes as the City Council is debating its 2016 budget, which Mayor Frank Huttle III has criticized for failing to keep taxes flat, and for using proceeds from the sale of Lincoln School as a means of balancing it..

To keep the city's tax levy at about $47 million since 2010, officials have relied on the reserves to hold taxes down. …

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