Dear Residents,

Somerdale's bond rating has just been upgraded a level.  This is excellent news given the turbulent financial climate these days.  The primary reasons sited can be attributed to wise fiscal management of your tax dollars.  This has resulted in our community being in the strongest financial position in years.  The dramatic economic development being done as well as the commitment for the development of CooperTowne Center (formerly Lions Head Plaza) has convinced the Moody's rating folks that Somerdale is in much better shape than ever before! 

So what does this mean to you directly?  Generally speaking, our better rating allows us to borrow money at reduced interest rates which in turn, saves us tax dollars.  Long term, our stable financial position will reflect on property valuations and making us more desirable in the eyes of investors (real estate and commercial).

This year, we were able to introduce a tax rate that reflected the lowest overall tax increase in the last 7 years despite losing nearly $200,000 in State funding.  I am hopeful that we will continue to demonstrate sound fiscal decisions in the years to come that will be reflected in improved property values, better services and a stable tax basis.

On behalf of the entire Governing Body, I thank you again for your confidence in us as we navigate through these very difficult financial times.

Regards,

Mayor Gary J. Passanante