Inside Freeport
BROUGHT TO VOV BY THE OFFICE OF IHSVOR UNDREW HARDWICK
S U M M E R 2011
Moody's Gives Mayor Hardwick an "A+" on Village's Finances
While the federal government's fiscal condition continues to
suffer setbacks and other municipalities face similar struggles all
across the country, including Long Island, the same cannot be said
for the Village of Freeport, which recently received an A-l bond
rating from Moody's with a stable outlook on its overall finances.
In the report, Moody's cited Freeport's improved budgetary
practices and systems implemented by the new administration of
Mayor Andrew Hardwick and indicated it expects the village's oper-ating
results will stabilize in fiscal 2011 and 2012.
"We are extremely pleased that Moody's recognized the
tremendous efforts we have made concerning Freeport Village's
budgetary policies," said Mayor Andrew Hardwick. "Despite inher-iting
a massive deficit at the start of my administration, we have
quickly gotten spending under control and the village's financial well
-being is finally back on the right track."
Moody's also acknowledged the village's efforts to reduce
expenditures by 10 percent in its 2011 budget and Freeport's projec-tions
to restore reserve funds to historical norms in fiscal 2012 by
addressing revenue shortfalls that resulted from over-budgeting by
the previous administration. Among the significant initiatives carried
out by Mayor Hardwick that helped decrease village expenses were:
• Enacting a freeze on discretionary spending
• Worked with unions to stabilize costs, secure jobs and
save taxpayers money on salaries paid to village em-ployees
• Aggressively pursuing available state and federal grants
that have resulted in millions of dollars in additional
money pledged to the Village of Freeport
In addition, the Moody's report reacted favorably to the
village working toward reducing borrowing for tax certiorari judg-ments,
all positive fiscal practices that helped contribute to Moody's
upbeat conclusions.
"During these tough economic times we have made the dif-ficult
decisions necessary to help restore and improve Freeport's fi-nancial
health by cutting spending and exercising sound fiscal poli-cies."
Hardwick said. "It certainly hasn't been easy. All of us are
being asked to do more with less. However, in the long run I am
confident our approach will work in the best interests of all of our
residents and business community," Hardwick concluded.
Freeport Village
Debt Outstanding by Fiscal Year
$160,000,000
$140,000,000
$120,000,000
$100,000,000
$80.000,000
$60,000,000 - -•
$40,000,000
2000 2001 2002 2003 2004 2005 2006 20047 2008 2009 2010 2011
Fiscal Year
At the start of Mayor Hardwick's administration, Freeport had one of
the highest debt levels of any village in New York State, according to
the NYS Comptroller's Office. Under Mayor Hardwick's leadership and
sound fiscal policies, Freeport's overall debt has been significantly
reduced and the village has stabilized its budget.
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JREEPORT ELECTRIC HONORED
NATIONALLY
Freeport Electric, known by most residents as the "Electric Department," has been named one of the top performing utilities in
the nation by the American Public Power Association. The award, given annually to the elite of the nation's more than 2,000
municipal and non-profit power agencies, went to just 82 utilities this year. "These RP3 designated utilities should be proud",
said APPA Review Panel Chairman Paul Allen in awarding Freeport the title of Reliable Public Power Provider (RP3).
This is a real honor for our utility," said Superintendent Anthony Fiore of Freeport Electric. "A lot of hard work has gone into
receiving this designation and— in the end—our customers are the real winners."
The RP3 program recognizes public power utilities that demonstrate proficiency in four key disciplines: reliability, safety, work-force
development and system improvement. Criteria within each category are based on sound business practices and represent
a utility-wide commitment to safe and reliable delivery of electricity. "We've done quite a bit of work over the last few years in
all those areas," Superintendent Fiore said. "But, of course, the purpose was to provide the kind of electric service to the citizens
of Freeport that they deserve and have grown accustomed to."
This tcp level reccanltlcn Is a special reflection cf the reliable public power avail-able
riant here In Freepcrt. Whether It's a visit tc your Heine, aettlna you con-nected,
cr Just a friendly voice en the phone, ycu can ccunt en us* We're busy
ma kino sure ycu acn't have tc worry abcut details like utility service as ycu ac
about ycur typical day. Cf course, we're always happy tc help when you need us.
Facing Foreclosure? The Mayor's Office
Wants to Hear from You
If you are a Freeport resident facing foreclosure and are having difficulty re-modifying with any lender or mortgage company,
and need assistance fighting your battle, the Office of Mayor Andrew Hardwick wants to hear from you. Please contact the
Mayor's Office, Monday - Friday, 8:30a.m. - 4:30p.m., (516) 377-2252.
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