Marlboro Township’s AAA bond rating was reaffirmed by S&P Global Affairs and the Township received a “clean audit for the seventh year running,” Mayor Jonathan Hornik announced yesterday.
“I am pleased to once again announce that we have a clean audit for the seventh year running. While it has become almost routine for independent auditors to issue an unqualified opinion with respect to the Township’s financial statements, it still bears mentioning,” Hornik said.
Each year, the Township is subject to an independent audit of its financial statements. The core purpose of the independent audit is to report on the condition of the financial information annually compiled by the Finance Department and to reflect upon the integrity of the procedures and controls implemented by the Township. The auditors scrutinized the Township’s financial statements and processes extensively and found no
issues or concerns.
AAA bond rating is the highest possible rating issued by credit reporting agencies. The rating allows for easier access to capital markets for long term financing projects and well as short term cash flow needs.