Finance


 Moodys Aug 21

Cranberry credit rating is now Aaa


August 21, 2017 - Moody’s Investors Service has upgraded Cranberry Township’s already very high Aa1 credit rating to an even higher Aaa rating – the highest score Moody’s issues – which makes the Township one of only seven municipalities in the state, and the only one in Western Pennsylvania, to be assigned that rating.

The reevaluation of the Township’s credit score was prompted by its decision in July to float bonds for $10 million to complete work on its wastewater treatment plant upgrade and to undertake several other capital projects.

According to Moody’s Credit Opinion, Cranberry’s Aaa rating “reflects the Township’s growing, diverse tax base, well-managed and robust financial position with healthy reserves and modest debt burden.” The report noted the Township’s continuing growth in its tax base, its consistent general fund and capital reserve levels and modest fixed costs as additional credit strengths.

“The outlook is stable, reflecting our expectation of sustained strong financial performance, further growth in assessed value, and continued stability of wealth levels in the tax base,” the report said. The rating will enable the Township to finance its new bonds, and to refinance other outstanding debt, at advantageous rates.  Review the full Moody's report...
The most significant benefit of this rating is the ability to borrow money at the lowest possible interest rate.

The Finance Department is responsible for the overall financial management of the Township and supports all departments, with: 
  • Accounting, payroll, accounts payable, and accounts receivable
  • Budget preparation
  • Cash management
  • Financial reporting
  • Billing for selected services including sewer, water.
  • Information and fees for false fire alarms 
False alarms are frequently received as the result of improperly maintained or defective alarm systems, or the incorrect placement of alarms. When Township police, volunteer firemen, or emergency medical service personnel and equipment are called out unnecessarily, it places the entire community at risk.
Fees are calculated on a yearly basis.
  • 1st Alarm - No Charge
  • 2 - 5,  $75 each
  • 6 - 10,  $150 each
  • 11 alarms or more, $175 each
 For more fire prevention information, please review our code ordinance.  Bills are issued by the Township Finance Department.