First Selectman Timothy M. Herbst on Monday began the rollout of Trumbull 2025 with his financial plan for the town. Building upon the success of a stable tax rate, improved pension fund and upgraded credit rating, the first selectman outlined what he believes the town must do to achieve a AAA credit rating by 2025. The first selectman noted that the AAA credit rating is important because when the town borrows money for capital projects in the future, having a AAA means the town will pay less interest on the money it borrows, thus reducing the burden to Trumbull taxpayers. Having a AAA credit rating will mean millions of dollars in taxpayer savings over the life long term bonds.
“I am very proud that we have been able to keep the tax rate stable while at the same time full funding our annual pension contributions and dedicating more money to education, public safety and our infrastructure, stated First Selectman Herbst. “But now we need to build upon this success and go after the AAA credit rating. To do that, as part of my Trumbull 2025 plan I will propose the following measures be taken: