Summary: Nunda Town, New York; General Obligation

S&P Global Ratings assigned its 'A+' rating and stable outlook to Nunda, N.Y.'s roughly $1.55 million series 2022 general obligation (GO) public improvement serial bonds. The town's faith-and-credit pledge secures the bonds. Officials intend to use series 2022 bond proceeds, grants, and cash to finance bond anticipation notes, issued for the construction of a highway garage, permanently. The rating reflects our view of, what we consider, Nunda's strong budgetary performance and very strong reserves with available fund balance of more than 70% of expenses. Strong reserves serve as a buffer for capital expenses. The town expects ongoing property tax base development, which should help mitigate a significantly higher tax levy for increasing debt-service costs. We expect the town will likely

...Most recent --Historical information-- 2021 2020 2019 Very strong budgetary flexibility Available reserves as a % of operating expenditures 110.1 76.3 114.4 Total available reserves ($000) 335 342 414 Very strong liquidity Total government cash as a % of governmental fund expenditures 73.7 56.0 66.0 Total government cash as a % of governmental fund debt service -- -- -- Adequate management Financial Management Assessment Standard Adequate debt & long-term liabilities Debt service as a % of governmental fund expenditures 0 0 0 Net direct debt as a % of governmental fund revenue 92.5 Overall net debt as a % of market value 7.2 Direct debt 10-year amortization (%) 20.6 Required pension contribution as a % of governmental fund expenditures 3.5 3.0 Other postemployment benefits actual contribution as a % of governmental fund expenditures -- -- Strong Institutional Framework Data points and ratios may reflect analytical adjustments....

Summary