Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
2024_08_14 Town Board Minutes
o _ ��9_1_ Town of Mamaroneck // Town Board Minutes m Wednesday, August 14, 2024, Courtroom, Second Floor of n Town Center 5:00 PM FOUNDED 1661 PRESENT: Jaine Elkind Eney, Town Supervisor Sabrina Fiddelman, Councilmember Jeffery L. King, Councilmember Robin Nichinsky, Councilmember Anant Nambiar, Councilmember ABSENT: ALSO PRESENT: Allison May, Town Clerk Meredith S. Robson, Town Administrator William Maker Jr., Town Attorney Tracy Yogman, Town Comptroller Robert P. Wasp, Town Engineer Marc Romero, Assistant to the Town Administrator 5:00 PM THE TOWN BOARD WORK SESSION CALL TO ORDER The Work Session of the Town Board was called to order by Town Supervisor Jaine Elkind Eney. Moved by Councilmember Fiddelman, seconded by Councilmember King, the Work Session unanimously opened at 5:02 p.m. WORK SESSION ITEMS 1. Discussion - Sale of Food Waste Truck Town Administrator Meredith Robson explained that prior to Steve Altieri's retirement as Superintendent of the Sanitation Commission, he submitted a grant to the New York State Department of Environmental Conservation (NYDEC) for the purchase of a truck to haul food waste from the sanitation yard collections for disposal. The grant could not be secured through the Commission, so it was done through the Town. The purchase and final grant closeout has been completed. The truck is now in use by the Commission — it is the small pickup truck used for food waste and miscellaneous pickups. Administrator Robson recommended that the Town transfer the title of the truck to the Sanitation Commission for $1 to finalize the transaction. She confirmed with the grant staff at the NYDEC that there is no issue in doing this, as the vehicle's intended use has not changed. Town Board August 14, 2024 2. Discussion - 2024 Capital Budget Amendments Administrator Meredith Robson suggested that the Board review only the Capital Budget Amendments at this meeting, then at the upcoming budget meeting on the 26th the Board can review the Capital Budget Reports. Town Comptroller Tracy Yogman presented the proposed 2024 capital budget amendments with the Town Board. The Board expressed their frustration with changes to costs for the Town's capital projects, noting that actual costs are coming in both overestimate and over bid. Administrator Robson and Comptroller Yogman explained that estimates are done one to two years ahead of the actual work, and it is the length of this process -- from plan to budget to bond to work -- that causes costs to escalate. On a positive note, Administrator Robson highlighted that the Town recently realized savings on the Sign Garage's roof through the use of an overlay membrane instead of a complete rebuild. That project is now coming in under budget. The Administrator reaffirmed to the Board that Town employees are always looking for savings for the Town. The Administrator added that she has never experienced this level of pricing volatility before during her career. 3. DEFERRED TO 26TH - Discussion - Q2 2024 Capital Budget Report 4. Discussion - Q2 2024 Operating Budget Amendments The Town Comptroller recommended the following 2024 Operating Budget amendments for the Town Board's approval, as they increase appropriations: • Ice Rink Trust Transfer (Fund A): The annual ice hockey tournament generated $22,028 in revenue and $9,135 in expenses, netting $12,893.32. A budget amendment was recommended to fund the transfer of the expenses from the Ice Rink Trust Fund. • LMC Media Renovation Project (Fund B): Upon the dissolution of the LMC Board of Control in 2023, the Town's share of Public Educational & Government Television (PEG) funds was transferred to the Town in the amount of $441 ,000. These funds are restricted for capital expenditures. A reimbursement of $113,000 was made to LMC Media for equipment, software, and renovation expenses of the new studio, leaving a balance of$328,000 in the PEG designated fund for future use. A budget amendment was recommended to reflect the transfer of funds to the equipment budget line designated for LMC Media. The Board then discussed the Town's PEG money allocation. Comptroller Yogman explained that the Town had initially received a portion of the Village of Mamaroneck's monies, and in addition the Village of Larchmont has now received more than they should have of both the Town and Village of Mamaroneck's PEG monies based on the corrected allocation. Comptroller Yogman had been advised that the municipalities should square up through Altice, rather than amongst themselves. 5. Discussion - 2024/25 School Tax Warrant Next, the Town Comptroller presented the tax warrant authorizing the Tax Receiver to collect taxes for the 2024/25 Mamaroneck and Scarsdale School Districts, noting that the Town remits the full tax levy to the School Districts each year. 6. Discussion - KG&D Architectural and Engineering Proposal for LMC Offices Administrator Robson highlighted the proposal from KG&D Architects for the renovation of the LMC Media office space on the third floor of the Mamaroneck Town Center. The Administrator explained that this work falls under the Dormitory Authority State of New York (DASNY) grant originally initiated several years ago. LMC Media Town Board August 14, 2024 currently has one suite on the third floor. The Administrator ensured that the Town will be on the lookout for any available funding that could possibly be used on minor hallway and flooring work. 7. Discussion - Award of Bid - TA-24-14 - Reflectorized Pavement Markings & Striping - 2024 & 2025 Administrator Robson presented the award of bid for TA-24-14 - Reflectorized Pavement Markings & Striping - 2024 & 2025. This project's scope consists of placing permanent pavement markings along Town of Mamaroneck roadways, parking lots, properties, and other areas of rights-of-way in accordance with Town of Mamaroneck specifications. The Engineering Department recommends authorization of the contract award to K5 Corporation in the total contract amount of$13,635.50 for 2024 and $14,440.50 for 2025, subject to approval of the Town Budget. 8. Discussion - Award of Bid - TA-24-10A - Reconstruction of Municipal Sidewalks & Curbing The Town Administrator reviewed the requested consideration of the award of bid for TA-24-10A - Reconstruction of Municipal Sidewalks & Curbing for the amount of $405,570. The Administrator noted that the Engineering Department has extensive experience working with the proposed contractor on Town capital projects, including the most recent Memorial Park Walkways & Sidewalk Replacement. Work completed by Peter J. Landi Inc. has been consistently of good quality and conducted in a professional manner. No errors or omissions that could potentially impact the viability of their bid price have been identified at this time. The Engineering Department recommends authorization of the contract award to Peter J. Landi Inc. based on their submitted base bid amount of $405,570. The budget for the reconstruction of the sidewalk and curbing contract was planned as part of capital project H173 in the amount of $290,000. It was noted that the capital project did not include the planned crosswalk improvements at Colonial Avenue and Daymon Terrace as well as Daymon Terrace and Forest Avenue at the time of the approval for the Town Budget. These locations were added following the review of concerns raised by the community and then recommended for inclusion received by the Town Traffic Committee to the Town Board. 9. Discussion - Amendment to the Noise Ordinance Town Supervisor Elkind Eney noted the need to correct the mistake that was made when this law was first passed. Town Attorney William Maker Jr. explained that when Local Law No. 1 of 2024 was passed, its time restrictions on the use of power tools included the golf clubs in Town, which use power tools to maintain and prepare for daily activities. Such restrictions on golf clubs had not existed previously, so the proposed amendment simply eliminates this inadvertent restriction. 10. Discussion - "Prohibition of Parking of Trailers and Mobile Homes on Public Streets" Law A draft of this proposed law prohibiting public street parking for mobile homes and trailers was initially discussed during the July 17, 2024, Town Board Work Session. At that time the Board requested revisions be made by the Town Attorney. The Board discussed further concerns with this proposed law and requested that Attorney Maker review the possibility of amending the current Vehicle and Traffic regulations to read that only certain vehicles may be parked overnight. 11. Updates Supervisor Elkind Eney updated the Board that the WJWW water filtration plant has received approval from the Planning Board for the Town-Village of Harrison, with the October benchmark now complete. Town Board August 14, 2024 The Town Administrator and Town Supervisor, along with the Honorable Steve Otis, Honorable Shelley Meyer, and managers from Village of Mamaroneck and Village of Larchmont, met with the New York State Department of Transportation (NYSDOT) to discuss the planned construction of the Post Road. The NYSDOT has allocated $16 million in their budget for paving Post Road from the New Rochelle border to Rye Neck. There will be multiple public meetings, with at least four or five scheduled at various stages. The next public meeting will be held with elected officials and will be conducted by the NYSDOT in the Town courtroom. The public engagement process has been rolled out, and input from elected officials will be solicited at the first meeting. Each subsequent meeting will build on the previous one, with a total of five anticipated meetings. Available for review on the NYSDOT website, the plan focuses on pedestrian and multi-modal transportation. The NYSDOT plans to host a public open house in the spring of 2025, followed by the development of feasible alternatives. The Supervisor will send further details to the Board. The County recently held a meeting to review an analysis of potential sewer consolidation. They presented the possibility of integrating the County's sewer system, highlighting the benefits of economies of scale. Administrator Robson explained that each municipality would need to fund the initial debt for any capital improvement necessary to meet the a to-be-determined minimum standard, then the County would take over from there. Participating municipalities would continue maintain their individual sewer funds to pay the County for these services. More details to come on this opportunity. The Town recently achieved a Triple-A Bond Rating and an AA rating for the Fire District. The bond sale attracted numerous bidders, resulting in a 3.07% rate for the town-wide bond, 3.80% for water, and 3.78% for the Fire District. The rate savings amounted to $76,000 over 30 years. Moody's indicated that maintaining a high fund balance is crucial due to the Town's debt levels. Comptroller Yogman highlighted that the sale generated a $360,900 premium, which will further help reduce the Town's debt. During the Moody's call on July 24th, Supervisor Elkind Eney said that feedback was extremely positive regarding management and fund balances; however, now Moody's recommends maintaining a fund balance of 30-35% of revenues. See Attachment A. The Roundabout Grant initially secured $2 million from Congressman Bowman, with an additional $2.9 million requested. Efforts are also focused on the Momentum Grant, which requires that the Town be designated a Pro Housing Community and would cover 50% of the cost. Out of 54 applicants, only 15 will be selected. The Town is hopeful that the Honorable Steve Otis and the Honorable Shelley Meyer will be able to secure additional funding for this project and Supervisor Elkind Eney noted that she had written a letter to George Latimer regarding a $2 million request. With the recent completion of the Town's Storm Water Sewer Study, a plan of action is the next step. There is a need to identify and begin working on relevant grants this fall, ensuring projects are soon ready for application. The Sheldrake River project, which involves multiple municipalities and Department of Environmental Conservation (DEC) funding, was also discussed. The Town Supervisor added that the Honorable Steve Otis had suggested local projects for DEC funding to help ensure proper sequencing from New Rochelle. Next, Attorney Maker updated the Board on changes to the in-rem foreclosure in tax law. The Town can only recoup the money that is owed to the Town and any other funds are returned to the owner. It was ruled by the US Supreme Court as an unconstitutional taking. An in-rem foreclosure will now be processed more like a mortgage foreclosure. Also, Attorney Maker noted that with the passing of the new Judicial Security Act, active and former judges can now request the names and other identifying information of theirs and their family members to be redacted from tax rolls. Town Board August 14, 2024 See Attachment B. 12. Community Programs of Westchester Jewish Community Services CDBG Application The Town Administrator introduced Beth Propper and Lauren Bassin of the Community Programs of Westchester Jewish Community Services (WJCS). Ms. Propper, Grants Manager, and Ms. Bassin, Assistant Executive Director of Community Programs, both introduced themselves to the Town Board and explained their intention to submit a Community Development Block Grant ("CDBG") application to obtain funds for improvements to Palmer House which is located in the Town of Mamaroneck. Ms. Propper and Ms. Bassin presented an overview of the project and explained how not-for-profits are required to obtain the endorsement of the municipality in which the property is located in order to qualify for the CDBG funding. The Board unanimously supported the WJCS application for their CDBG grant, noting what an asset such a well-maintained and well-run property is to our Town. The Board thanked WJCS for bringing diversity to our Town population, our events, and our recreational offerings. 13. Changes to Regular Meeting Agenda Affairs of the Town Item No. 3 will be deferred to the Town Board meeting on August 26, 2024. 14. Request for Executive Session Moved by Councilmember Nambiar, seconded by Councilmember King, the Town Board entered into Executive Session to discuss the proposed acquisition or sale of property; the employment history of particular individuals; and the Tree Law litigation. Carried Moved by Councilmember Fiddelman, seconded by Councilmember King, the Town Board unanimously agreed to resume the Work Session. Carried 8:00 PM TOWN BOARD REGULAR MEETING The Town Board meeting convened in the Courtroom Located on the second floor at the Town Center. The Public was to view the meeting on cable access television (Optimum 76/ Fios 35) or on LMCMedia.org CALL TO ORDER The Regular Meeting of the Town Board was called to order by Supervisor Elkind Eney at 8:40 p.m. Supervisor Elkind Eney noted that the Town Board met for a Work Session beginning at five o'clock this evening. STAFF COMMENTS/ PRESENTATIONS 1. Community Programs of Westchester Jewish Community Services CDBG Application The Town Supervisor welcomed Beth Propper and Lauren Bassin of the Community Programs of Westchester Jewish Community Services (WJCS) to speak. Ms. Bassin, Assistant Executive Director of Community Programs, and Ms. Propper, Grants Manager, introduced themselves to the Town Board and explained their intention to submit a Community Development Block Grant (CDBG) application to the County Urban Consortium to obtain funds for improvements to a property within the Town of Mamaroneck. Town Board August 14, 2024 Ms. Propper said that she and Ms. Bassin were here today to talk about one of their group homes, "Palmer House," located in the Town of Mamaroneck. Palmer House, she said, needs renovations, rehabilitation, and capital repairs. From the outside, Palmer House looks like its neighboring homes on Palmer Avenue. Inside, however, it houses ten unrelated adults with IDD, and at least three awake adult Direct Support Staff, present at all times, from a larger staff of 12 who work 24 hours a day to attend to resident needs. Palmer House has been in the community for quite some time, and WJCS is now looking at submitting this CDBG grant for the funding to do some necessary repairs. They would like the house to continue to look and function well in the community. Ms. Bassin then mentioned that WJCS had submitted some information to the Town Board on their intended repairs at Palmer House, which further details how they would spend the grant money (see Attachment C). Ms. Bassin welcomed any questions about WJCS or their plan for Palmer House renovations. The Town Supervisor thanked Ms. Bassin and Ms. Propper for their presentation as well as their service. The Board stated that they unanimously supported the WJCS application for their CDBG grant, noting what an asset such a well-maintained and well-run property is. The Board stated what an honor it is to have WJCS work in our Town and bring diversity to our population, our events, and our recreational offerings. Moved by Councilmember Nichinsky, seconded by Councilmember Nambiar, it was RESOLVED that the Town Board hereby endorses the submission of the application by Community Programs of Westchester Jewish Community Services for CDBG funding for improvements to the Palmer House in the amount of$200,000. Carried SUPERVISOR'S REPORT Welcome to the August 14, 2024, meeting of the Town Board of the Town of Mamaroneck. The Town Board met today for a Work Session in Conference Room A, starting at 5:00pm, which is open to the Public. Great Financial News! We just heard from Moody's Investor Services that the Town will maintain our AAA bond rating, which permits the Town to borrow at the lowest possible interest rate. Moody's stated that they considered the Town's solid financial position further supported by prudent budget management and solid reserves typically between 35% and 40% of total revenue. I'd like to thank Town Administrator Meredith Robson as well as Town Comptroller, Tracy Yogman and her staff for running a tight ship here at Town Center We received word late last month that the Town's 2024 Budget was awarded the Distinguished Budget Presentation Award from the Government Finance Officers Association. This award is the highest form of recognition in governmental budgeting and represents a significant achievement. In order to receive this award, a governmental entity must publish a budget document that meets program criteria as a policy document, as a financial plan, as an operations guide, and as a communications device. It reflects the commitment of the governing body and staff to meeting the highest principles of governmental budgeting and sets an example for other governments to follow. This is the 5th consecutive year that the Town has received this award. Kudos to Town Comptroller Tracy Yogman as we go for six in a row! Events: Wonder ribbon cutting: I attended the ribbon cutting for the grand opening of a new type of take-out restaurant in our community. Wonder, located in the Ferndale Shopping Center on Boston Post Road, has a unique concept. Their menu actually contains several different menus from restaurants across the nation offering varying types of cuisine. We wish them a successful run here in the Town. Welcome, Wonder! Town Board August 14, 2024 Last concerts in the park: Each year, on Monday evenings in July, the Town's Memorial Park is temporarily transformed into an outdoor concert arena with residents enjoying dinner out on the field while watching and listening to terrific bands that our Recreation Department books. The last concert of the season was Monday, July 29th with "Seeing Red Band." Though the concerts have concluded for the summer, our Rec Dept does have one more movie to come to Memorial Park on Sept. 6th, "The Spy Next Door." TVS meeting July 23: Each year on a quarterly basis, representatives from both school districts in our community, along with elected officials and administrators from all three municipalities meet to discuss issues involving and affecting the Town/Villages and Schools. At this meeting, we discussed traffic safety issues in light of the tragic death of a kindergartener and his mom while walking to school. DOT meeting July 31: Meredith and I met with our NYS elected officials, Sen Mayer and Assemblyman Otis, along with representatives from the two villages and NYS DOT to discuss the project for resurfacing US Route 1 from the New Rochelle city line to Beach Avenue and from Alden Avenue to the City of Rye, while making considerations for drainage, pedestrian improvements, and curb work as funding allows in the Towns of Mamaroneck and Rye, and Villages of Larchmont and Mamaroneck, Westchester County. The current status of the project is In Development. The Bid Opening is expected to be in Summer 2026 with construction expected to begin in Summer 2026 and expected to be completed in Spring 2028. Several public meetings and opportunities for public comment are planned throughout the process Police night out August 13: "National Night Out" Last night, the Town of Mamaroneck Police Department and community members enjoyed a fun-filled evening with games, music and the opportunity to interact with our local police departments. This national event, sponsored here by the Village of Mamaroneck and held in Harbor Island Park is an annual community- building campaign that promotes police-community partnerships and neighborhood camaraderie to make our neighborhoods safer, more caring places to live. Westchester Power Information Session: Next Tuesday, August 20th, representatives from the non-profit Sustainable Westchester's Westchester Power program will host an info session here in the Courtroom at 7:00 pm. Westchester Power is a municipal electricity supply program that helps residents and small businesses here in the Town as well as 28 other municipalities in the County access renewable energy at competitive fixed rates. The new contract begins 11/1/24. Please attend to get details on how the program works, to ask questions and to determine if you would like to participate. Light refreshments will be provided. RESIDENT COMMENTS Supervisor Elkind Eney asked if anyone in the audience wished to address the Town Board and there was no one. BOARD OF FIRE COMMISSIONERS 1. Call to Order Commissioner Elkind Eney called the Meeting to order, then on motion of Commissioner King and seconded by Commissioner Fiddelman the Board of Fire Commissioners was unanimously declared open. Present were the following Members of the Commission: Commissioner: Jaine Elkind Eney Commissioner: Sabrina Fiddelman Commissioner: Jeffery L. King Commissioner: Robin Nichinsky Commissioner: Anant Nambiar Town Board August 14, 2024 2. Fire Claims Moved by Commissioner King, seconded by Commissioner Fiddelman, it was RESOLVED that the Board of Fire Commissioners hereby approves the attached list of fire claims in the amount of$7,972.15. See Attachment D. Carried 3. Fire Report Commissioner King read the Fire Report for the Month of July 2024, as follows: ALARM TYPE NUMBER Generals 32 Minors 17 Stills 5 Out of Town (Mutual Aid) 3 EMS 39 Drills 3 TOTAL 99 Total number of personnel responding: 618 Total time working: 50 hours and 54 minutes. See Attachment E. 4. Other Fire Department Business There being no further business to come before the Fire Commission, on motion of Commissioner King, Seconded by Commissioner Nichinsky, the Commission unanimously adjourned and the Town Board reconvened. AFFAIRS OF THE TOWN OF MAMARONECK 1. Consideration of Approval - Sale of Food Waste Truck Moved by Councilmember Nambiar, seconded by Councilmember King, it was RESOLVED that the Town Board hereby authorizes the sale of the food waste truck purchased through a grant from the NYDEC to the Larchmont- Mamaroneck Joint Sanitation Commission for$1. Carried 2. Consideration of Approval - 2024 Capital Budget Amendments Moved by Councilmember Fiddelman, seconded by Councilmember Nambiar, it was RESOLVED that the Town Board hereby authorizes the Comptroller to make the necessary budget amendments, as presented, but not including #3 Water Avenue Bridge (H5162). Carried Town Board August 14, 2024 3. Discussion - Q2 2024 Operating Budget Amendments Moved by Councilmember Nichinsky, seconded by Councilmember Fiddelman, it was RESOLVED that the Town Board hereby authorizes the Comptroller to make the necessary budget amendments, as presented. Carried 4. Consideration of Approval - 2024/25 School Tax Warrant Moved by Councilmember King, seconded by Councilmember Nambiar, it was RESOLVED, that the Mamaroneck Town Board does hereby command the Receiver of Taxes to collect the 2024/2025 Mamaroneck School Tax Warrant in the total amount of$139,122,647.02, BE IT, FURTHER RESOLVED, that the Town Supervisor is hereby authorized to execute said Warrant on behalf of the Town. RESOLVED, that the Mamaroneck Town Board does hereby command the Receiver of Taxes to collect the 2024/2025 Scarsdale School Tax Warrant in the total amount of$6,633,711.85, and RESOLVED, that the Mamaroneck Town Board does hereby command the Receiver of Taxes to collect the 2024/2025 Mamaroneck School Tax Warrant in the total amount of$139,122,647.02. and BE IT, FURTHER RESOLVED, that the Town Supervisor is hereby authorized to execute said warrant on behalf of the Town. Carried See Attachment F. 5. Consideration of Approval - KG&D Architectural and Engineering Proposal for LMC Offices Moved by Councilmember Nambiar, seconded by Councilmember Nichinsky, it was RESOLVED that the Town Board hereby approves the submitted proposal from KG&D Architects for the renovation of the LMC office space for a budget not to exceed$50,000. Carried 6. Consideration of Award of Bid - TA-24-14 - Reflectorized Pavement Markings & Striping - 2024 & 2025 Moved by Councilmember King, seconded by Councilmember Nichinsky, it was RESOLVED that the Town Board hereby awards the bid for TA-24-14 for Reflectorized Pavement Markings & Striping - 2024 & 2025, received and opened on July 16, 2024, to K5 Corporation in the total contract amount of $13,635.20 for 2024 and$14,440.50 for 2025 and hereby authorizes the Town Administrator to execute the agreement and any related documents necessary to carry out its implementation. Carried Town Board August 14, 2024 7. Consideration of - Award of Bid - TA-24-10A - Reconstruction of Municipal Sidewalks & Curbing Moved by Councilmember King, seconded by Councilmember Nambiar, it was RESOLVED that the Town Board hereby awards the bid for TA-24-10A for Reconstruction of Municipal Sidewalks & Curbing received and opened on August 7, 2024, to Peter J. Landi Inc. in the total contract amount of$405,570 and hereby authorizes the Town Administrator to execute the agreement and any related documents necessary to carry out its implementation. Carried 8. Consideration of Approval - Proposed Work Session Addition - August 26, 2024 Moved by Councilmember Fiddelman, seconded by Councilmember Nambiar, it was RESOLVED that the Town Board does hereby set a work session for August 26, 2024, beginning at 6 pm. Carried 9. Certiorari Moved by Councilperson Fiddelman, seconded by Councilperson Nambiar, it was RESOLVED that the Town Board hereby approves the settlement of certiorari for Sanded Wood Properties, LLC, resulting in a refund of$8,975. Carried REPORTS OF MINUTES 1. Report of Minutes of July 17, 2024, May 22, 2024, and April 24, 2024 Moved by Councilmember Fiddelman, seconded by Councilmember Nambiar, it was RESOLVED that the Town Board hereby approves the minutes of July 17, 2024, May 22, 2024, and April 24, 2024. Carried REPORTS OF THE COUNCIL Councilmember Nambiar • Participated in the Zoning Board meeting this month and enjoyed travelling with his family. Councilmember Fiddelman • Attended an open house at the Co-op Camp, which is exceptionally well-run and provides immense enjoyment for the children. This camp serves many children in our community including many underserved children, teaching swimming, STEM skills, and addressing summer learning loss. She expressed gratitude to the STEM Alliance and the Mamaroneck School District for funding this invaluable program. • Attended the celebration of Liam Haggerty's retirement from the Larchmont Library. The community deeply values and celebrates those who serve it. She thanked the Library Board and staff, and everyone is hopeful that Mr. Haggerty will return on a part-time basis. Councilmember King • Attended last week's Recreation Commission meeting. It has been an enjoyable summer for campers of all ages, with movies and concerts in Memorial Park being particularly well-received. Town Board August 14, 2024 • Reminded everyone to mark their calendars for the Town's Food Truck Festival on October 5th and expressed hope for good weather. Councilmember Nichinsky • Had nothing to report. TOWN CLERK'S REPORT The Westchester County Board of Elections will pay you $350 for working Election Day and $25 for each training class. And there will be training here at the Town Center September 17 through 20. If you are interested in working the General Election on November 5th, please give us a call in the Town Clerk's Office at 914-381-7870 and we will put you in touch with the Board of Elections. TOWN COMPTROLLER'S REPORT First half School Taxes are due September 1st, with September 30th being the last day to pay your taxes without penalty. The Town urges you to pay using our online tax portal. ADJOURNMENT On motion of Councilmember King, seconded by Councilmember Nichinsky, the meeting was unanimously adjourned at 9:22 p.m. Carried REGULARLY SCHEDULED MEETING - September 4, 2024 Submitted by Allison May, Town Clerk Town Board August 14, 2024 Attachment A t � MOODY'S U.S.Public Finance RATINGS CREDIT OPINION Town of Mamaroneck, NY 2 August 2024 Update to credit analysis 4/ Send Your Feedback Summary The Town of Mamaroneck NY's(Aaal credit profile is driven by its affluent and mature tax base with historically strong resident wealth and incomes,and a solid financial position further supported by prudent budget management.Key credit challenges include elevated long term liabilities and their associated fixed costs,mostly driven by unfunded pension Contacts and other post employment benefits(OPEB),however,we expect debt levels to remain Hartene Iiriano +1.212.553.1781 manageable in the foreseeable future. Associate Lead Analyst harlene.liriano@moodys.com On August 02,2024 Moody's affirmed the town's Aaa issuer rating and outstanding GOLT Thomas Jacobs +1.212.553.0131 ratings.In addition,we assigned a Aaa to the town's proposed 2024 Series A and B bonds. Senior Vice President/Manager thomas.jacobs@moodys.com Credit strengths CLIENT SERVICES » Affluent and large tax base benefiting from strong local economy near New York metro Americas 1-212-553-1653 area. Asia Pacific 852-3551-3077 » Strong financial position supported by proactive budget management. JaPan 81-3-5408-4100 Credit challenges EMEA 44-20-7772-5454 » Elevated long-term liabilities and their associated fixed cost. Rating outlook Moody's does not assign outlooks to local governments with this amount of debt outstanding. Factors that could lead to an upgrade » N/A Factors that could lead to a downgrade » Significant increase in long-term liabilities and their associated fixed costs. » Trend of structurally imbalance operations leading to material deterioration of reserves to levels below 25%of revenue. Town Board August 14, 2024 Attachment A (Cont'd) 4 iKey indicators 411 iExhibit 164 i Mamaroneck(Town of)NY 2020 2021 2022 2023 Aaa Medians Ili lig Economy Resident income ratio(%) 191.7% 197.7% 197.8% N/A 170.6%6 Full Value(S000) $9,749,093 S9,747,124 S10,148,611 $10,829,122 $8,680,662 i �����i//////��-��- Population 29,626 31,381 31,340 N/A 36,119 6 Full value per capita($) 5329,072 $310,606 $323,823 N/A N/A iAnnual Growth in Real GDP -3.5% 4.8% 2.5% N/A 4.9%it Financial Performance Revenue($000) $47,564 $52,566 $57,623 S53,844 5101,733 VIII iAvailable fund balance($000) $15,558 S18,735 S20,279 S23,556 S62,520 Net unrestricted cash($000) S30,231 $34,757 $39,188 $44,258 S88,880 6.1 iAvailable fund balance ratio(%) 32.7% 35.6% 35.2% 43.7% 61.7%41 Liquidity ratio(%) 63.6% 66.1% 68.0% 82.2% 91.1% Leverage iDebt($000) $42,094 $46,186 $48,562 $54,803 $68,781 g Adjusted net pension liabilities(S000) $70,935 S50,653 $43,601 534,375 $105,726 r(a/]�' Adjusted net OPEB liabilities(S000) S91,421 $91,426 $67,634 $76,181 511,674 Other long-term liabilities($000) $408 $380 S384 $325 $3,903/1 Long-term liabilities ratio(%) 430.7% 358.9% 278.0% 307.7% 258.2%�1 Fixed costs RR Implied debt service($000) $2,874 $3,014 53,239 53,392 $4,8994, Pension tread water contribution($000) $2,290 $3,362 $2,531 $2,365 $3,333 tt// OPEB contributions(S000) $2,462 52,360 $2,491 $2,779 $503 6 Implied cost of other long-term liabilities(S000) $26 S29 $27 $27 S262 4Fixed-costs ratio(%) 16.1% 16.7% 14.4% 15.9% 11.2% 9 For definitions of the metrics in the table above please refer to the I kc ¢h- r hei.. ,,,insnpi.or see the Glossary in the Appendix below.Metrics represented as N/A indicate the(��i data were not available at the time of publication.The medians come from our most recently published •US Cities sant Counties Meemn,ke,t The real GDP annual growth metric cited above is for the New York-Newark-Jersey City,NY-NJ-PA Metropolitan Statistical Area Metropolitan Statistical Area. Sources U5 Census Bureau,Mamaroneck(Town of)NY's financial statements and Moody's Ratings,US Bureau of Economic Analysis 61 iProfile 11 The Town of Mamaroneck is located in southeastern Westchester County(Aa1 stable)in New York State's(Aa1 stable)Hudson Valley, • approximately 10 miles north of New York City(Aa2 stable).The town has a population of approximately 31,340(2022)and it is �/;,' residential in nature. `i� Detailed credit considerations (•y� The town of Mamaroneck benefits from a wealthy and mature tax base located in Westchester County(Aa1 stable)approximately 10 miles north of New York City along the Long Island Sound.Resident income adjusted for regional price parity and wealth are very strong with resident income at about 198%of the US compared to 170.6%for Aaa rated national medians and full value per capita at$345,537(2023 full valuation).Strong wealth is primarily driven by high appreciation of the current housing stock.While the town is mostly built out,there are a few projects on track that could enhance new residential opportunities,including a 36-unit apartment complex and a 40-unit affordable housing project. The town's financial profile will continue to benefit from ample reserves(typically between 35%to 40%of revenue)which are 44 further by odgmong g , a approximatel supported y$638,000pr acrossactivebu all itset governmentalmanageent fundsandstr,driven byfiscal capitalpolicies.expenditures.Durinfiscal However2023the,despitetown the reported minor deficitsmall ,thedeficit towofn managed to add back approximately$3.8 million to available fund balance,bringing unrestricted reserves to$23.6 million or a strong 43.7%of revenue.The town typically budgets an appropriation of reserves and regularly outperforms the adopted budget.The fiscal 2024 adopted budget is in line with the previous fiscal years and includes a$3.8 million appropriation of fund balance,of which$1.9 This publication doe w„nneuncea,.ean tautrgru..,.,fa,any rre,lltratrrxs,rarer,i44 in this twhix. ,seas.see the,,suar,;teai,r. ...rrlp' .n .,-,nays rrx,I..,.iM most updated credit rating at non lnMmratustn ane rata.t;ntet,.t Town Board August 14, 2024 Attachment A (Cont'd) f t U.S.Public Finance Moody's Ratings million is for recurring operating expenses and$1.9 million is for capital projects,however,management projects to use approximately $3.1 million of the total appropriated funds for one-time capital projects.The town's credit quality is also well served by management's effective comprehensive long-term planning,including multiyear forecasting and a commitment to maintaining strong fiscal policies. Key credit challenges for the town include elevated long-term liabilities and associated fixed costs,mostly driven by unfunded pension and OPEB liabilities.We expect that the town's outstanding debt will remain moderate given management plans to issue approximately$5.5 million annually during the next three years to fund one of its major capital projects,the Rye Lake Filtration Plant.Notable,debt service on this project is funded through revenues from water fees that will continue to significantly increase by approximately 15-25%annually. Economy Exhibit 2 Resident Income of Median household income($) . Resident income ratio(%) !Aaa median resident income ratio(%) — - --— 200 100,000 160 140 50,000 120 0 2016 2017 2018 2019 2020 2021 2022 Source:Moody's Ratings Exhibit 3 Fund Balance • General fund Other governmental funds Internal service funds '" Business-type activities Available fund balance ratio(%) Aaa median available fund balance ratio(%) 70 $20,000 -- 60 50 $10,000 1 40 $0 , 30 2020 2021 2022 2023 Source.Moody's Ratings 3 2 August 2024 Town of Mamaroneck,NY:Update to credit analysis Town Board August 14, 2024 Attachment A (Cont'd) Moody's Ratings U.S.Public Fiance Exhibit 4 Total Primary Government-Long Term Liabilities Governmental Debt Business-Type Activity Debt Adjusted net pension liabilities Adjusted net other post-employment liabilities Other long-term liabilities Long-term liabilities ratio(%) Aaa median long-term liabilities ratio(%) $200,000 400 $100,000 300 $0 I-200 2020 2021 2022 2023 Source:Moody's Ratings ESG considerations Environmental The Town of Mamaroneck's overall environmental issuer profile is moderately-negative given the town exposure to extreme weather events.Alt issuers in Westchester County have an elevated exposure to storms and water stress.The county maintains an active emergency management team and hazard mitigation plan to aid in navigating these challenges and works closely with all their local governments to help mitigate risks.The state and federal government have a long history of supporting local governments following extreme weather events.Exposure to other environmental risks such as carbon transition,natural capital,and pollution risks are low. The Town of Mamaroneck's social issuer profile is strong.Low poverty,high resident income,high educational attainment,strong employment and low violent crime are positives.All municipalities in Westchester County have good access to basic services while risks associated with housing are neutral-to-low. Governance The Town of Mamaroneck's governance issuer profile is positive.Government operations are managed by certified and experienced professionals who are responsible for implementing policy objectives.This,plus a combination of a strong state-wide institutional framework and conservative budgeting,has allowed for stable and strong financial operations.Finally,management is generally prompt in publishing its budgets and audited financial statements.The town publicly posts its quarterly financial statements as part of its board minutes,however it does not post monthly financial statements or cash flows. 4 [a,g m t 2 024 Town of Mamaroneck NY:Update to credit analysis Town Board August 14, 2024 Attachment A (Cont'd) 1 , U.S,Public Finance Moody's Ratings Rating methodology and scorecard factors The US Cities and Counties Methodology includes a scorecard,which summarizes the rating factors generally most important to city and county credit profiles.Because the scorecard is a summary,and may not include every consideration in the credit analysis for a specific issuer,a scorecard-indicated outcome may or may not map closely to the actual rating assigned. The distinction between the scorecard-indicated outcome and the assigned rating is due to the town's affluent economic base with proximity to New York City,historically stable financial position with healthy reserves,and conservative management that adheres to formal fiscal policies. Exhibit 5 Mamaroneck(Town of)NY Measure Weight Score Economy 197.8% 10.0% Aaa Resident income ratio Full value per capita 345,537 10.0% Aaa Economic growth metric -0.4% 10.0% Aa Financial Performance Available fund balance ratio 43.7% 20.0% Aaa Liquidity ratio 82.2% 10.0% Aaa Institutional Framework Institutional Framework Aa 10.0% Aa Leverage Long-term liabilities ratio 307.7% 20.0% A Fixed-costs ratio 15.9% 10.0% A Notching factors No notchings applied Scorecard-Indicated Outcome Aa2 Assigned Rating Ma The Economic Growth metric cited above compares the five-year CAGR of real GOP for New York-Newark-Jersey City,NY-NJ-PA Metropolitan Statistical Area Metropolitan Statistical Area to the five-year CAGR of real GDP for the US. Sources US Census Bureau,Mamaroneck(Town on NY's financial statements and Moody's Ratings 5 2 August 2024 Town of Mamaroneck,NY:Update to credit analysis Town Board August 14, 2024 Attachment A (Cont'd) Moody's Ratings U.S.Public Finance Appendix Exhibit 6 Key Indicators Glossary Definition Typical Source' Economy Resident income ratio Median Household Income(MHI)for the city or county,adjusted for MHI:US Census Bureau-American Regional Price Parity(RPP),as a%of the US MHI Community Survey 5-Year Estimates RPP:US Bureau of Economic Analysis Full value Estimated market value of taxable property in the city or county State repositories;audited financial statements;continuing disclosures Population Population of the city or county US Census Bureau-American Community Survey 5-Year Estimates Full value per capita Full value/population Economic growth metric Five year CAGR of real GDP for Metropolitan Statistical Area or Real GDP:US Bureau of Economic Analysis county minus the five-year CAGR of real GDP for the US Financial performance Revenue Sum of revenue from total governmental funds,operating and non- Audited financial statements operating revenue from total business-type activities,and non- operating revenue from internal services funds,excluding transfers and one-time revenue,e.g.,bond proceeds or capital contributions Available fund balance Sum of all fund balances that are classified as unassigned,assigned or Audited financial statements committed in the total governmental funds,plus unrestricted current assets minus current liabilities from the city s or county's business- type activities and internal services funds Net unrestricted cash Sum of unrestricted cash in governmental activities,business type Audited financial statements activities and internal services fund,net of short-term debt Available fund balance ratio Available fund balance(including net current assets from business- type activities and internal services funds)/Revenue Liquidity ratio Net unrestricted cash/Revenue Leverage Debt Outstanding long-term bonds and all other forms of long-term debt Audited financial statements;official across the governmental and business-type activities,including debt statements of another entity for which it has provided a guarantee disclosed in its financial statements Adjusted net pension liabilities(ANPL) Total primary government's pension liabilities adjusted by Moody's to Audited financial statements;Moody's standardize the discount rate used to compute the present value of Investors Service accrued benefits Adjusted net OPEB liabilities(ANOL) Total primary government's net other post-employment benefit Audited financial statements;Moody's (OPEB)liabilities adjusted by Moody's to standardize the discount Investors Service rate used to compute the present value of accrued benefits Other long-term liabilities(OLTL) Miscellaneous long-term liabilities reported under the governmental Audited financial statements and business-type activities entries Long-term liabilities ratio Debt+ANPL+ANOL+OLTL/Revenue Fixed costs Implied debt service Annual cost to amortize city or county's long-term debt over 20 Audited financial statements;official years with level payments statements;Moody's Investors Service Pension tread water contribution Pension contribution necessary to prevent reported unfunded Audited financial statements;Moody's pension liabilities from growing,year over year,in nominal dollars,if Investors Service all actuarial assumptions are met OPEB contribution City or county's actual contribution in a given period Audited financial statements Implied cost of OLTL Annual cost to amortize city or county's other long-term liabilities Audited financial statements;Moody's over 20 years with level payments Investors Service Fixed-costs ratio Implied debt service+Pension tread water+OPEB contributions+ Implied cost of OLTL/Revenue 'Note:if typical data source is not available then alternative sources or proxy data may be considered.For more detailed definitions of the metrics listed above please refer to the US Cities and Counties Methodology. Source.Moody's Ratings 6 2 August 2024 Town of Mamaroneck,NY:Update to credit analysis Town Board August 14, 2024 Attachment A (Cont'd) U.S.Public Finance Moody's Ratings to 2021 Moody's Corporation.Moody's Investors Service,Inc.,Moody's Analytics,Inc and/or their licensors and affiliates(collectively,'MOODY'S").All rights reserved CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,CREDIT COMMITMENTS,OR DEBT OR DEBT-LIKE SECURITIES,AND MATERIALS,PRODUCTS,SERVICES AND INFORMATION PUBLISHED OR OTHERWISE MADE AVAILABLE BY MOODY'S(COLLECTIVELY,"MATERIALS")MAY INCLUDE SUCH CURRENT OPINIONS.MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S CREDIT RATINGS.CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK,INCLUDING BUT NOT LIMITED TO:LIQUIDITY RISK,MARKET VALUE RISK,OR PRICE VOLATILITY.CREDIT RATINGS,NON-CREDIT ASSESSMENTS("ASSESSMENTS",AND OTHER OPINIONS INCLUDED IN MOODY'S MATERIALS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODY'S MATERIALS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTIC%INC.AND/OR ITS AFFILIATES.MOODY'S CREDIT RATINGS,ASSESSMENTS,OTHER OPINIONS AND MATERIALS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE,AND MOODY'S CREDIT RATINGS,ASSESSMENTS,OTHER OPINIONS AND MATERIALS ARE NOT AND DO NOT PROVIDERECOMMENDATiONS TO PURCHASE,SELL,OR HOLD PARTICULAR SECURITIES.MOODY'S CREDIT RATINGS,ASSESSMENTS,OTHER OPINIONS AND MATERIALS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS.ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES OR OTHERWISE MAKES AVAILABLE ITS MATERIALS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL,WITH DUE CARE,MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE,HOLDING,OR SALE. MOODY'S CREDIT RATINGS.ASSESSMENTS.OTHER OPINIONS AND MATERIALS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS,ASSESSMENTS,OTHER OPINIONS OR MATERIALS WHEN MAKING AN INVESTMENT DECISION.IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW.INCLUDING BUT NOT LIMITED TO,COPYRIGHT LAW.AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED,REPACKAGED.FURTHER TRANSMITTED,TRANSFERRED,DISSEMINATED.REDISTRIBUTED OR RESOLD.OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE.IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER.BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.FOR CLARITY,NO INFORMATION CONTAINED HEREIN MAY BE USED TO DEVELOP,IMPROVE.TRAIN OR RETRAIN ANY SOFTWARE PROGRAM OR DATABASE,INCLUDING,BUT NOT LIMITED TO.FOR ANY ARTIFICIAI.INTELLIGENCE.MACHINE LEARNING OR NATURAL LANGUAGE PROCESSING SOFTWARE,ALGORITHM, METHODOLOGY AND/OR MODEL MOODY'S CREDIT RATINGS,ASSESSMENTS,OTHER OPINIONS AND MATERIALS ARE NOT INTENDED FOR USE 8Y ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAS THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK ALE information contained herein is obtained by MOODY'S Irbrn sources believed by It to be accurate and reliable.Because of the possibility of human or mechanical error as well as other factors.however,all information contained heron rs aroeided'A5 IS"without warranty of any land.MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating Is of sufficient quality and Irons solutes MOODY'S considers to be reliable including,when appropriate,independent third-party Sottrtxs However. MOODY'S is not an auditor and cannot in every instarre risdependente,verify or validate information received in the credit rating process or in preparing Its Materials. To the extent permitted by taw.MOODY'S and its directors.officers employees agents.representatives,licensors and suppliers disclaim liability to airy Person or entity tar ar,y indirect,special,consequential,or incidental tosses or damages whatsoever arising from or in tacnection with the information contained herein or the use of or inability to use any &runt information-even if MOODY'S or any or its direr tows, employees,agents,representatives.licensors or suppliers is advised in advance of the possibility of such losses of damages,including but not limited to:(a)any loss sit present or prospective profits or(b,)any toss or damage arting wfrete the relevant financial Instrument is not the subject of a particutarcredit rating assigned by MOODY'S. To the extent permitted by law.MOODY'S and its directors,officers:employees.agents represenuatires Elevators and suppliers disclaim liability(or any direct or compensatory losses or damages caused to any person or entity,lnctudstg but not Lmited to by any negligence(but excluding fraud,willful misconduct or any other type of liability that,for the avoidance of doubt.by law cannot be excluded)co the paft of.teary contingency within or beyond the coned of.MOODY'S or any of its directors,officers,empoyees,agents. representatives licensors or suppliers,arising from or in connection with the info-matron contained herein ea dm use of or inability to use any such information NO WARRANTY,EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS.COMPLETENESS,MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING.ASSESSMENT,OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Moody's Investors Service.Inc.,a wholly-owned credit rating agency subsidiary of Moody's Corporation("MCO"1.hereby discloses that most issuers of debt securities firaludrng corporate and municipal bonds,debentures.notes ma commercial paper)and preferred stock rated by Moody's Investors Service.Inc.have,prior to assignment of any credit rating, agreed to pay to Moody's Investors Service,Int for credit ratings opinions and se.sites rendered by it MCO and Moody's Investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities,and between entities wno hold credit rati,vgs from Moody's Investors Service,Inc.and have also publicly reported to the SEC an owmenshrp interest in MCO of more than 5%,is posted annually at www.nioodYs.com under the heading Investor Relations--Corporate Governance--Charter Documents-Director and Sbareiwider Affiliation Policy.' Moody's SF Japan K.K.,Moody's local AP Agente de talifka ion de Riesgo S,A.,Moody's Local BR AgMcia de Classifica,aode Risco LTDA.Moody's Local MX S.A.de C.V,I.C.V.. Moody's Local PE Claslficadora de Riesgo SA and Moody's Local PA Calificadora de Rfesgo a.A(collectively,tree"Moody s NoreNRSRO C RAs")are all indirectly*trolly-owned credit rating agency subsidiaries of MCO None of the Moody's Nori-MRSRO CRAB Is a Nationally Recognized Statistkat Rating Organization Additional terms for Australia only'Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 9a 105 136 972 AFSL 383569(as applicable).This document is intended to be provided only to`wholesale clients"within the mooing of section 761E of the Corporations Act 2001.By continuing to access this document from within Australia.you represent to MOODY'S that you are.or are accessing tote document as a representative of,a'wholesale client"and that neither you nor the entity you represent Wit directly or indirectly disseminate this document or its contents to'retail clients"within the meaning of section 761G of trio Corporations Act 2001.MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer rot tar the equity securities oI the issuer or any form of secunty that is available to retail investors Additional terms for india only.Moody's credit ratings Assessments.other opinions and Materials are not Intended to be and shall not be relied upon or used by any users located In India in relation to securities listed or proposed to be laced on Indian stock exchanges. Additional terms with respect to Second Party Opinions lea defined in Moody's Investors Service Rating Symbols and Definitions)'Please note that a Second Party Opinion("SPO") is not a'credit rating"The issuance of SPOs is not a regulated activity in many jurisdictions.including Singapore.JAPAN:In Japan.development and provision of SPOs fail under the category of'Ancillary Businesses",not"Credit Rating Business",and are not subject to the regulations applicable to"Credit Rating Business"under the Financial instruments and Exchange Act of Japan aria its relevant regulation PRC'Any SPO:41)does not constitute a PRC Green Bond Assessment as defined under any relevant PRC laws or regulations;(2) cannot be included In any registration statement.offenrg circular,prospectus or any other documents submitted to the PRC regulatory authorities or otherwise used to satisfy any PRC regulatory disclosure requirement;and(3)cannot be used within the PAC for any regulatory purpose or for any other purpose which is not permitted under relevant PRC laws or regulations For the purposes of this disclaimer,"PRC'infers to the mainland of the People's Republic of China,excluding Hong Kong,Macau and laiwan REPORT NUMBER 1416354 7 2 August 2024 Town of Mamaroneck,NY:Update to credit analysis Town Board August 14, 2024 Attachment A (Cont'd) Moody's Ratings U.S.Public Finance CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 8 2 August 2020 Town of Mamaroneck,NY:Update to credit analysis Town Board August 14, 2024 Attachment A (Cont'd) MOODY'S RATINGS Rating Action: Moody's Ratings affirms Town of Mamaroneck, NY's Aaa issuer and GOLT ratings; assigns Aaa to 2024 GOLT bonds; removes stable outlook 02 Aug 2024 New York,August 02, 2024--Moody's Ratings (Moody's) has assigned Aaa rating to the Town of Mamaroneck, NY's estimated $5.6 million Public Improvement(Serial) bonds, 2024 Series A and estimated $6.3 million Public Improvement(Serial) bonds, 2024 Series B. Concurrently, we have affirmed the town's Aaa issuer and general obligation limited tax(GOLT) ratings. Following the sale,total outstanding debt will be approximately$62.7 million. The stable outlook has been removed. RATINGS RATIONALE The Aaa issuer rating reflects the town's affluent and stable tax base with above- average resident income at about 198% of the US and wealth with full value per capita at$345,537 (2023 full valuation), along with its favorable location 10 miles north of New York City metro area. Also considered in the rating is the town's solid financial position further supported by prudent budget management and solid reserves typically between 35% and 40% of total revenue. Long-term liabilities, mostly driven by unfunded pension and other postemployment benefits (OPEB), are elevated but we expect debt levels to remain manageable. Fixed costs are also elevated compared to peers but will remain manageable in the medium term. The Aaa rating on the town's GOLT bonds is at the same level as the issuer rating because the town has pledged its faith, credit and taxing authority for repayment of the bonds. RATING OUTLOOK We do not assign outlooks to local governments with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Town Board August 14, 2024 Attachment A (Cont'd) - N/A FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS - Significant increase in long-term liabilities and their associated fixed costs. -Trend of structurally imbalanced operations leading to material deterioration of reserves to levels below 25% of revenue. LEGAL SECURITY The 2024 Series A and B bonds are backed by the town's authority to levy ad valorem property taxes, as limited by New York State's Property Tax Cap Legislation (Chapter 97 (Part A)of the Laws of the State of New York, 2011). Additionally, the bonds benefit from the town's faith and credit pledge. USE OF PROCEEDS Proceeds from the 2024 Series A& B bonds will be used to finance various capital improvement projects across the town and purchase of equipment. PROFILE The Town of Mamaroneck is located in southeastern Westchester County (Aa1 stable) in New York State's (Aa1 stable) Hudson Valley, approximately 10 miles north of New York City(Aa2 stable). The town has a population of approximately 31,340 (2022)and it is residential in nature. METHODOLOGY The principal methodology used in these ratings was US Cities and Counties published in July 2024 and available at https://ratings.moodys.com/rmc- documents/425429.Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology. REGULATORY DISCLOSURES For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions. For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain Town Board August 14, 2024 Attachment A (Cont'd) jurisdictions. For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating. For provisional ratings, the Credit Rating Announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Harlene Liriano Lead Analyst Regional PFG Northeast Moody's Investors Service, Inc. 7 World Trade Center 250 Greenwich Street New York 10007 JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Thomas Jacobs Additional Contact Regional PFG Northeast JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street Town Board August 14, 2024 Attachment A (Cont'd) New York, NY 10007 U.S.A JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 ©2024 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS Town Board August 14, 2024 Attachment A (Cont'd) UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW,AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS,ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third- party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the credit rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a)any loss of present or prospective profits or(b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S. Town Board August 14, 2024 Attachment A (Cont'd) To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded)on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED,AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING,ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from$1,000 to approximately$5,000,000. MCO and Moody's Investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations—Corporate Governance —Director and Shareholder Affiliation Policy." Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to"wholesale clients"within the meaning of section 761 G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients"within the meaning of section 761 G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Town Board August 14, 2024 Attachment A (Cont'd) Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non- NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings)No. 2 and 3 respectively. MJKK or MSFJ (as applicable)hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable)for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Town Board August 14, 2024 Attachment A (Cont'd) MOODY'S u.s.Public Finance RATINGS CREDIT OPINION Mamaroneck Fire District 1, NY 2 August 2024 Update following credit analysis 4/ Send Your Feedback Summary Mamaroneck Fire District 1.NY(Aa1)credit profile is characterized by a Large and expanding tax base with strong resident income and full value per capita levels.The district benefits from a healthy financial position with total reserves(including restricted funds)at 52.6 million or 52%of revenue.Total debt and pension liabilities are very modest and we expect Contacts that they will remain affordable in the near term.After the new issuance net direct debt will Marlene Lilian +1212.553.1781 be equivalent to 0.14%of full valuation which is manageable and compares favorably with Associate Lead Analyst hadene.liriano@moodys.com similarly rated peers. Thomas Jacobs +1212553.0131 Senior Vice President/Manager Credit strengths thomas.jacobs@moodys.cam » Mature and wealthy tax base with strong resident incomes CLIENT SERVICES » Healthy financial position supported by prudent budget management Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Credit challenges Japan 81-3-54o8.4100 » Budget subject to approval by the Town of Mamaroneck(Aaa) EMEA 44-20-7772-5454 Rating outlook Moody's does not assign outlooks to local govemments with this amount of debt outstanding. Factors that could lead to an upgrade » Material increase in available reserves to levels above 25%of revenue or above Aa-rated national medians. » Material expansion and diversification of local economy leading to tax base growth. Factors that could lead to a downgrade » Significant increase in long-term liabilities and their associated fixed costs. » Trend of structurally imbalanced operations leading to material deterioration of reserves. Town Board August 14, 2024 Attachment A (Cont'd) • Moody's Ratings U.S.Public Finance Key indicators Exhibit 1 Mamaroneck Fire District 1,NY 2019 2020 2021 2022 2023 Economy/Tax Base Total Full Value($000) $4,333,317 $4,327,051 54,324,239 $4,479,156 $4,764,353 Population 29,670 29,626 31,381 31,340 N/A Full Value Per Capita $146,050 $146,056 $137,798 $142,921 N/A Median Family Income(%of US Median) 251.9% 255.2% 249.6% 238.9% N/A Finances Operating Revenue($000) $3,945 $4,209 $4,446 $4,654 $4,948 Fund Balance($000) $322 $282 $554 5544 $541 Cash Balance($000) $1,684 $1,755 $2,100 $2,208 $1,704 Fund Balance as a%of Revenues 8.2% 6.7% 12.5% 11.7% 10.9% Cash Balance as a%of Revenues 42.7% 41.7% 47.2% 47.5% 34.4% Debt/Pensions Net Direct Debt($000) $4,505 $4,255 $7,845 $8,437 $7,920 3-Year Average of Moody's ANPL($000) $1,738 $2,078 $2,297 $2,109 $1,766 Net Direct Debt/Full Value(%) 01% 0.1% 0.2% 0.2% 0.2% Net Direct Debt/Operating Revenues(x) 11x 1.0x 1.8x 1.8x 1.6x Moody's-ANPL(3-yr average)to Full Value(%) 0.0% 0.0% 0.1% 0.0% 0.0% Moody's-ANPL(3-yr average)to Revenues(x) 0.4x 0.5x 0.5x 0.5x 0.4x Sources US Census Bureau,US Bureau of Economic Analysis,Mamaroneck Fae/a/strict 1,Mrs f+nanatal statements and Moody's Ratings Profile Mamaroneck Fire District 1 encompasses an area of approximately 6 square miles in the unincorporated(Town outside of Village)areas of the Town of Mamaroneck(Aaa stable)and serves an estimated population of 11,231. Detailed credit considerations The district's affluent tax base will continue to benefit from the high appreciation of the current housing stock and the district's strategic location just 10 miles north of New York City.The fire district also benefits from strong wealth and resident income levels with median family income equal to 239%of national medians and full value per capita at approximately 5152,021 as of 2023.The district's revenues are almost entirely from property taxes(98%in fiscal 2023)and there is very limited tax concentration.The town's area is largely built-out,however there is some pending residential development activity,including a 36-unit apartment complex and a 40- unit affordable housing project. The district's financial position will remain very stable as the district's operating revenues continue to exhibit modest growth in the near to medium term.For the current fiscal year 2024 management is expecting a surplus of approximately$361,000,bringing total reserves(including restricted funds)to approximately$3 million or a strong 66%of revenue.Notably,available fund balance is significantly smaller at nearly$541,000 or 11%of revenue as of fiscal 2023,however it is expected to increase to$901,000 by the end of fiscal 2024.The discrepancy between these two numbers is the significant portion of reserves that are restricted to cover benefit payments for volunteer firefighters. The district's long-term liabilities will remain modest for the next few years as the current five year capital plan is very moderate with a total of approximately$2 million.After the issuance of the Series 2024 bonds,net direct debt will be equivalent to 0.14%of full valuation which is manageable and compares favorably with similar rated peers.Debt service payments during fiscal 2024 are expected to total approximately 5629,552 or 12.7%of operating revenue. This publication does not announce a credit rating action For any credit ratings referenced in this publication.please see Inc issuer/deal page on https'//ratings.moodys.com for the most updated credit rating action information and rating history 2 2 August 2024 Mamaroneck Fire District 1,NY.Update following credit analysis Town Board August 14, 2024 Attachment A (Cont'd) Moody's Ratings U.S.Public Finance ESG considerations Environmental Environmental considerations are not material for the credit profile of the district.According to Moody's ESG Solutions,the district has medium to high exposure to hurricanes&typhoons,however,it has moderate to no exposure to the other environmental factors that we track.All issuers in Westchester County have an elevated exposure to storms and water stress.The county maintains an active emergency management team and hazard mitigation plan to aid in navigating these challenges and works closely with all their local governments to help mitigate risks.The state and federal government have a long history of supporting local governments following extreme weather events.Exposure to other environmental risks such as carbon transition,natural capital,and pollution risks are low. Social Social considerations include the district's above-average income profile and increasing employment opportunities given the district's strategic location near New York City metro area.Access to basic services,low poverty,health and safety and educational attainment are in line with peers. Governance Governance consideration are material for the district and includes prudent fiscal oversight.Management budgets conservatively and maintain adequate reserves,while funding various capital projects from operations.This,plus a combination of a strong state-wide institutional framework,has allowed for stable financial operations.New York Fire Districts have an Institutional Framework score of "Aa",which is strong.New York Fire Districts operate within a state-imposed property tax cap,which limits the ability to increase their operating levy by the lesser of 2%or CPI.However,this cap can be overridden at the local levet,without voter approval.Unpredictable revenue fluctuations tend to be minor,or under 5%annually.Across the sector,fixed and mandated costs are generally greater than 25%of expenditures.Unpredictable expenditure fluctuations tend to be minor,under 5%annually. 32 August 2024 Mamaroneck Fire District 1,NY:Update following credit analysis Town Board August 14, 2024 Attachment A (Cont'd) T - Moody's Ratings U.S.Public Finance Rating methodology and scorecard factors The US Local Government General Obligation Debt methodology includes a scorecard,a tool providing a composite score of a local government's credit profile based on the weighted factors we consider most important,universal and measurable,as well as possible notching factors dependent on individual credit strengths and weaknesses.Its purpose is not to determine the final rating,but rather to provide a standard platform from which to analyze and compare local government credits. The distinction between the scorecard-indicated outcome and the assigned rating is due to the district's affluent economic base with proximity to New York City,historically stable financial position with healthy reserves,and conservative management that adheres to formal fiscal policies. Exhibit 2 Mamaroneck Fire District 1,NY Rating Factors Measure Score Economy/Tax Base(30%)11) Tax Base Size:Full Value(in 000s) $4,479,156 Aa Full Value Per Capita $142,921 Aa Median Family Income(%of US Median) 238.9% Aaa Finances(30%) Fund Balance as a%of Revenues 10.9% A 5-Year Dollar Change in Fund Balance as%of Revenues -2.7% Baa Cash Balance as a%of Revenues 34.4% Aaa 5-Year Dollar Change in Cash Balance as%of Revenues -9.6% Ba Management(20%) Institutional Framework Aa Aa Operating History:5-Year Average of Operating Revenues/Operating Expenditures 1.0x Aa Notching Factors:[2) Unusually Strong or Weak Budgetary Management and Planning Down Debt and Pensions(20%) Net Direct Debt/Full Value(%) v 02% Aaa Net Direct Debt/Operating Revenues(x) 1.6x A 3-Year Average of Moody's Adjusted Net Pension Liability/Full Value(%) 0.0% Aaa 3-Year Average of Moody's Adjusted Net Pension Liability/Operating Revenues(x) 0.4x Aaa Scorecard-Indicated Outcome Aa3 Assigned Rating Aa1 [1]Economy measures are based on data from the most recent year available. [2]Notching factors are specificalty defined in the US Local Government General Obligation Debt methodology. [3]Standardized adjustments are outlined in the GO Methodology Scorecard Inputs publication. Sources US Census Bureau,(OrgNameJ's finandal statement and Moody's Ratings 4 2 August 2024 Mamaroneck Fire District 1.NY:Update following credit analysis Town Board August 14, 2024 Attachment A (Cont'd) • Moody's Ratings U.S.Public Finance e024 Moody's Corporation.Moody's Investors Service.Inc.,Moody's Analytics,Inc.and!or their licensors and affiliates(CDE1Pc ively,'MOODYS').All rights reserved CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,CREDIT COMMITMENTS,OR DEBT OR DEBT-LIKE SECURITIES,AND MATERIALS.PRODUCTS,SERVICES AND INFORMATION PUBLISHED OR OTHERWISE MADE AVAILABLE BY MOODY'S(COLLECTIVELY."MATERIALS")MAY INCLUDE SUCH CURRENT OPINIONS.MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL.FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S CREDIT RATINGS.CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK,INCLUDING BUT NOT LIMITED TO:LIQUIDITY RISK,MARKET VALUE RISK,OR PRICE VOLATILITY CREDIT RATINGS,NON-CREDIT ASSESSMENTS("ASSESSMENTS"),AND OTHER OPINIONS INCLUDED IN MOODY'S MATERIALS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT.MOODY'S MATERIALS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS,INC.AND/OR ITS AFFILIATES.MOODY'S CREDIT RATINGS,ASSESSMENTS,OTHER OPINIONS AND MATERIALS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE,AND MOODY'S CREDIT RATINGS,ASSESSMENTS,OTHER OPINIONS AND MATERIALS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE,SELL,OR HOLD PARTICULAR SECURITIES,MOODY'S CREDIT RATINGS,ASSESSMENTS,OTHER OPINIONS AND MATERIALS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS.ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES OR OTHIERNISE MAKES AVAILABLE ITS MATERIALS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL,WITH DUE CARE.MAKE ITS OWN STUDY AND EVALUATION Of EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE.HOLDING,OR SALE. MOODY'S CREDIT RATINGS_ASSESSMENTS,OTHER OPINIONS AND MATERIALS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD RE RECKLESS AND INAPPROPRIATE FOR RET/t INVESTORS TO USE MOODY'S CREDIT RATINGS.ASSESSMENTS,OTHER OPINIONS OR MATERIALS WHEN MAKING AN INVESTMENT DECISION.IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER ALL INFORMATION CONTAINED HEREIN IS PROTECTED B'LAW,1NCLUDIN BUT NOT UNITED 10,COPYRIGHT LAW,AND NONE Of SUCH INFORMATION MAY BE COPIED OP OTHERWISE REPRODUCED.REPAt_RAGED.FURTHER TRANSMITTED.TRANSFERRED,DISSEMINATED REDISTRIBUTED GR RESOLD,Oil STORED FOR SUBSEQUENT JSE FOR ANY SUCH PURPOSE,It.WHOLE OR IN PART.IN ANY 1ORM OR MANNER OR BY ANY MEANS WHATSOEVER,BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.FOR CLARITY-NO INFORMATION CONTAINED HEREIN MAY BE USED TO DEVELOP.IMPROVE,TRAIN Oft RETRAIN ANY SOFTWARE PROGRAM OR DATABASE,INCLUDING,BUT NOT LIMITED TO,FOR ANY ARTIFICIAL INTELLIGENCE,MACHINE LEARNING OR NATURAL LANGUATE PROCESSING SOFTWARE,ALGORITHM, METHODOLOGY AND/OR MODEL MOODY'S CREDIT RATINGS.ASSESSMENTS.OTHER OPINIONS ARID MATERIALS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST Not BE USED Pa ANY WAY THAT COLA D RESULT IN THEM BEING CLNISIOERED A BENCHMARK All information contained heren is obtaned by MOODY'S from sources believed by it to be ac'curate and retie*Because of tt pass:talky ei human or meftyncal error as welt as other factors,however.al infomation contained herein is ixovided"AS IS"without warranty of any Land.MOODY'S adopts all;,vssary measures so that the information it uses in assigning a credit rating Pot sufficient quality and Thom sources MOODY'S considers to be reliable itncludng,when app,lprete independent third-party sources However, MOODY'S is not an au:U'ito,and anent in every instance independently verity cr,rafdate information received in the tre&t rating process er 42 preparing its Materials. In the extent per netted by law.MOODY'S and I'_s da ectors.officers employees.agents rep;ewentati es Gcensoi s and supplies ck'sans,Iiablity to any person or entity for any indirect.special,consequential 6-incidental tosses or damages whatsoever arises frorr or in CO ection reith tf+e"doresat+te,ttr`ta ed herein or the use of or rnabilty to use any sitar+mfon adon.even N MOODY'S or any Dins directors.officers.ernptoyves,agents.representatives i meads es supplies is aov s d in advance of the passibility of such losses or damages,Intludirg Out nos linseed to la)aly loss Lf present Or prospective profits or(br any toss or carnage arising where the reevara fatanzai'instrument is not the subject of a par:Rutar credit sating assigned by r•.00DY'S. To the extent permitter!Ur law.M ODY'S and in..dt ectors,officers employees agents representaTeres licensors ar.t suppliers disc/aim lati&q eau an;director compensatory Losses or damages caused tc ar=), nSo.-x el aaty,including but net limited to by any neat:gen:a(tut eadcdng fraud,eat!fw nascoiduct ce any other type of liability that for the avoidance of doubt b)taw canxt be evdaded1 or the part of,or any contingency within or beyond the control of.MOCM0e'S or any OF its dneclon,officers,employees,agents, representatives.licensors or u ypierx ar;vng from or in connect'aort with the lofartatro,contained taca:.t cc the Ise Of V"eahtty to use airy ax.+t mtormstion NO WARRANTY,EXPRESS OR IMPLIED,AS TO THE ACCURACY.TIMELINESS,COMPLETENESS,MERCHANTJ.&UTT OR FITNESS FOR ANY PAR-OCLf:AR PURPOSE OF ANY CREDIT RATING,ASSESSMENT;OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Nee dy's.Investors SerVeR,Inc,a wtrelty owned credit rating agency subsidiary of Moody's Corporation("MCO°),hereby discloses that r+rcrst surer of debt securities(including corporate and municipal bomtl,debertUTrS notes and comet erclel paper)and preened stoat rated Ly f4'Jody S Investors Seance.At.rave.ptto•to assignment of any credit rating, agreec w pay t0 Moony's nwesTars Stsvxce.Inc.Ica credit ratings opinions and services rendered by it MCO and Moody's YeeMIG's Smite also mai'ataY,policies and procedures to address the avdepevxience of Moody's nveStors Service credit ratings and iredil rating processes.Information regarding certain afleietors that may exist between direrttrs of MCO and rated entities,and between entities who hold credit ratings from Moody's hwesta's Service Inc.and have also publicly reported to the SEC an on ershrp interest in MCO of more than S%,'posted arnuaty at www.moodvs,com antler the heading'inv,stor Retations•.C,aporale Governanvn-•Charter Dix amens ns-Director and Shareholder Affiliation Policy. Moods's SF}apart K Ka Mvods's Local AR Ageeme de Coiifat anon de Rresgo S.A.,Moody's Local BR Agenta de Labartacau de Risco LIRA.Mo ay',local Mx SA.de C v i Moody's Loral Pt Claslfk aoora de Rrthge S A.and Moony s Local PA Cabfkatora de Rieteo S A Rollectively,the`Moody's Non-NRSRO CRAB-)avi all Indirectly wholly'owned credit rating agency subsidusrien of MCC Nine of the Mnody's Non NRSRO CRAB is a Nationally Recugniu'd Statistical Rating Organization Additional team for A:astueli,a only Any publication into Australia of this din ume'R IS pursuant tc.the Australian F,nancat Sets-=es l'netse of MOODY'S affiliate Moony's Investors Service Pt.Limited ARP:61001 3V9 657AFSL 336969 an+Io Moody's Andytics Australia Ply.id ABN Si 105136 972 AISI 383569(as applicable).This document is intended to be provided only to'wholesale clients'within the meaning of section/RIG of the Corporations Act 2001 By sOrrflriding to access this document from within Australia.you represent to MOODY'S that you are on are accessing the document as a representative of.a`wndtesale client-and that neither you nor the entity you represent will directly or mdireitty dissernirate this dounrrnertt or its content,tr••retail clients'within the meaning of se:Lion 761G of the Corporations Act 2001.MOODY'S trtdat rating is an opinion as to the c rrditwnrthn:ss ota debt obligator,0:the issuer,,aol or the eduity securities of the Latter or any form.of:ec;nty that is a.oilabue to retail rnrnssoac. Additional terms to India only.Moody's.reuit ratings Assessments,other opinions and Materials are not intended to be and shall tea be felted upon or used by any user located in India in relation to securities listed or proposed to be listed on Indian stock echanges. Additional terms with'espect to Second Party Opinions(as defined In Moody's Investors Service Rating 5ymbots and Definitions)•Please note that a Second Party Opinion(`SPY') is net a"CIEtli.t rating'.the•ss.,arv.e of SPOT is tic:m regulated a:bully ii many junsdlctons,ncluding Singapore IAPAN in Japan eleveioprnent sad provision of SPOs fall under the category of'Ansi:tary Busdiesses not'Credo Rating Nusiness'.and aie not subject to the regutat.orn applicable to"Credit Rating Rumness'under the linancual Instruments and Exchange Act of lapan and 4s relevant regulation PRO.Any SPO:(1)does not constitute a PRC Green Bond Assessment as defined under am relevant PRC laws or regulations:12) cannot be included In any registration statement,offering ci,.:ular,prospectus or any other documents submitted to the PRC rrgufatory authontres or one,wise used to satisfy any PRC regulatory discicaure reneaement.and(3)r unit be aced within the PRC tom any regulatory purpose or Per any other ourpost+vtuch is not pert fitted under relevant PRC,laws or negelatens.For the purtwses of Ibis Gs-claimer,"PRC`refers to the mainland of the People's Republic of China:excluding Hong+'tong,Macau and Taiwan REPORT NUMBER 1416508 7 August 2024 Mamaroneck Fire District 1,NY Update following credit analysis Town Board August 14, 2024 Attachment A (Cont'd) U.S.Public Finance Moody's Ratings CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-Z0-7772-5454 6 2 August 2024 Mamaroneck Fire District 1,NY:Update following credit analysis Town Board August 14, 2024 Attachment A (Cont'd) MOODY'S RATINGS Rating Action: Moody's Ratings assigns Aa1 to Mamaroneck Fire District 1, NY's 2024 GOLT bonds 02 Aug 2024 New York, August 02, 2024 — Moody's Ratings (Moody's) has assigned Aa1 rating to Mamaroneck Fire District 1, NY's estimated $646,000 Various Purpose (Serial)bonds, 2024. We maintain its Aa1 rating on the district's outstanding general obligation limited tax (GOLT)debt and a Aa1 issuer rating. Following the sale, total outstanding debt will be approximately$6.2 million. RATINGS RATIONALE The Aa1 issuer rating reflects the district's wealthy and stable tax base with strong resident income at about 238.92% of the US and wealth with full value per capita at $142,921. The rating also incorporates the district's healthy financial position with total reserves (including restricted funds)at$2.6 million or 52% of revenue. The district's debt burden and pension liabilities are very modest. After the new issuance net direct debt will be equivalent to 0.14% of full valuation which is manageable and compares favorably with similar rated peers. The Aa1 rating on the district's GOLT bonds is at the same level as the issuer rating because the district has pledged its faith, credit and taxing authority for repayment of the bonds. RATING OUTLOOK We do not assign outlooks to local governments with this amount of debt outstanding. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -Material increase in available reserves to levels above 25% of revenue or above Aa- rated national medians. -Material expansion and diversification of local economy leading to tax base growth. Town Board August 14, 2024 Attachment A (Cont'd) For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating. For provisional ratings, the Credit Rating Announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Harlene Liriano Lead Analyst Regional PFG Northeast Moody's Investors Service, Inc. 7 World Trade Center 250 Greenwich Street New York 10007 JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Thomas Jacobs Additional Contact Regional PFG Northeast JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 Town Board August 14, 2024 Attachment A (Cont'd) U.S.A JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 ©2024 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S").All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"),AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. Town Board August 14, 2024 Attachment A (Cont'd) MOODY'S CREDIT RATINGS,ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW,AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS,ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third- party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the credit rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers, employees, • agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a)any loss of present or prospective profits or(b)any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S. To the extent permitted by law, MOODY'S and its directors, officers, employees, Town Board August 14, 2024 Attachment A (Cont'd) agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded)on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING,ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody's Investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations—Corporate Governance —Director and Shareholder Affiliation Policy." Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients"within the meaning of section 761 G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a `wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients"within the meaning of section 761 G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned Town Board August 14, 2024 Attachment A (Cont'd) credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non- NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable)for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Town Board August 14, 2024 Attachment B Real Property Tax Law Amendments Several new real property tax law amendments relating to penalty rates on delinquent tax payments, in rem foreclosure laws and Judiciary Security have been included in the 2025 State Budget as follows: Delinquent Tax Interest Rates(A1489-A Thiele/967-A Ryan): This legislation has passed both houses and is awaiting delivery to the governor.This proposal seeks to change the penalty on delinquent tax payment to that of the prime rate."which can range from two to sixteen 2-16%.The current prime rate as of June 2024 is 8.5%.The initial interest rate will be based on the 2025 prime interest rate, with subsequent determinations made every five years thereafter. This change preempt an, local tax act. It applies to condominium and cooperatives and excludes vacant and abandoned properties. Currently Town bills that are not paid by the end of April wi have a penalty in May of 2%,June&July 5%,August&Sept 7%,Oct,Nov, Dec 10%,Jan, Feb, March&April 12%.They then get an additional 1%per month every month thereafter.when we convert to a lien July r', it moves to 14%. For example, 1 $10,000 unpaid tax bill that is outstanding for 3 years will incur a penalty is 36%or $3,600. Under the pending legislation,the penalty for someone who doesn't pay for 3 years will be 24% or $2,400, $1,200. This will be approximately a 33% or more decrease in penalty revenue depending on if the penalty is compounded or not. Further details will be required such as how much of the penalty will be incurred each month.We will need to have our system reprogrammed to accommodate the new calculation methods.This will not affect tax bills until the 2025 Town&County bills issued on April 1,2025. In Rem Foreclosures Attached is a handout received regarding the in rem foreclosure law and other pending legislation. The State Budget included changes to real tax administration increasing residential property owners' rights and establishing a system that distributes surplus proceeds from in rem proceeding. The enforcing officer will file a report with the court within 45 days from the sale of the property,and if a surplus is available,pay such proceeds to the court within that timeframe. If a surplus exists,the enforcing officer must notify the former property owners within 55 days from the date of the sale, given that there is a 45 day deadline to file the report with the court,and the former owner must be notified of any surplus within 10 days from the filing.In the event that owners cannot be located,the surplus will be held by the court for three years and returned to the taxing district. Judicial Security Act(PPGG Part F): The enacted state budget created a new article of the Judiciary Law to address security concerns with active and former judges and justices and their family members.Eligible individuals(active and former judges and their family members) may file a written request to their current or former employer to keep personal information private, including, among other things, their address and other identifying information. The Westchester County Receiver of Taxes is going to be putting together a letter regarding concerns (per the request of the AOT counsel Katie Hodgdon). With the last round of legislation, 4 Town Board August 14, 2024 Attachment B (Cont'd) Assemblywoman Dana Levenberg stated she did not receive much local opposition-she stated she didn't receive the County Receiver of Taxes letter,and didn't get anything from the local Towns.T Therefore, it was recommended that each Town send a letter of opposition in addition to the association of supervisors,counties,etc. 4 Town Board August 14, 2024 Attachment C Narrative:Palmer House Project, Town of Larchmont,New York 1271 Palmer Avenue,Larchmont,NY 10538 illirBackground of organization: Westchester Jewish Community Services(WJCS)is a non-profit non- sectarian 501-c-3 organization founded in 1943 and one of the largest human service agencies in Westchester County,NY. One part of our organization,Community Programs of Westchester Jewish Community Services,contains our Developmental Disabilities division which serves individuals of all ages with Intellectual and Developmental Disabilities(IDD);all the individuals served have cognitive impairment and some individuals additionally have mental health challenges,or traumatic brain injuries. Since 1981,and as part of the WJCS comprehensive continuum of care for people with developmental disabilities, Community Programs of WJCS has worked to address the documented gap in housing,support,and services through our group residential living program, "Community Programs of WJCS Residential Services" Adult individuals with IDD are often confronted with a lack of supportive housing opportunities that allow them to live their best lives. Every residence in Community Programs of WJCS Residential Services is licensed by New York State Office for People with Developmental Disabilities(OPWDD) and staffed with professionally trained 24-hour awake Direct Support Staff members,who supervise all individuals living in the houses within a supportive family-like atmosphere. All residences are situated in neighborhoods that allow individuals to become fully integrated into community life.Within the homes,each individual has an individualized program to meet specialized needs and interests.The residential and clinical staff assist individuals to be as independent as possible. Community Programs of WJCS Residential Services supports 95 adults over the age of 21 with IDD who live in thirteen homes located in ten residential neighborhoods across Westchester County,NY. Our Community Programs residents are all Medicaid-eligible,require life-long assistance with the basic activities of daily living,independent living skills and many have additional medical needs. Community Programs does more than provide housing,it creates safe,accessible,and supportive homes that support individualized activities and autonomy and offer meaningful community integration opportunities.More than just providing a house,this program provides homes for our most vulnerable community members who will live with us for life.WJCS writes to you today,about one of these homes,"Palmer House"located in the town of Larchmont,NY. Palmer House needs renovations/rehabilitation/capital repairs: From the outside,Palmer House is like its neighboring homes on Palmer Avenue. Inside,however,with ten unrelated adults with IDD, and at least two awake adult Direct Support Staff,present at all times,from a larger staff of 25 who work 24 hours a day to attend to resident needs, Palmer House is much busier. Meals and snacks are prepared by residents and staff on the first floor in a roomy kitchen and shared family style in a dining room with each person's dietary needs addressed. Laundry is done downstairs in a roomy basement —, area that is adjacent to the indoor garage and provides space for additional food storage in a second refrigerator and chest freezer. HVAC,water service and water heating, and electrical service/Wi- OFi/cable equipment are also at the basement level. Indoor games and social activities take place in 1 Page 36 of 160 Town Board August 14, 2024 Attachment C (Cont'd) comfortable family and living areas,and residents may be assigned to single or shared occupancy bedrooms. Three full bathrooms are shared and staff have access to an onsite-office on the main floor. adhOutside,residents and staff alike enjoy tending to the blooming foundation plantings and the backyard vegetable and flower container gardens and enjoying the back patio. Market challenges and other barriers can make it difficult to establish residences like Palmer House and,once they are established,financial resources to maintain homes like Palmer House are limited at the private,non-profit, state,and federal levels(Freddie Mac 2022). This can make it difficult to find funding for complex full-scale renovation and rehabilitation with an eye toward energy efficiency that go beyond expected"wear and tear",upkeep,or emergency repairs. Palmer House is no different. Accordingly,Community Programs of WJCS plans to apply for Westchester County CDBG funding that will,if granted, allow Palmer House residents to improve and enjoy their home in the same way as any other Community Programs resident as well as in the same way as any private homeowner would like to do. While our formal application is not yet completed,the Community Programs of WJCS will be asking the county for federal funding sufficient to complete the following work with the understanding that our organization will provide a 1:1 match for that funding (note: if funding is granted we intend to complete the work between the spring and autumn of 2025 adhering to all applicable local zoning, building and planning codes and regulations): • Fabrication and installation of approximately 65 linear feet of 36"high iron railing primed and painted black with 1"solid posts, '/2"sold pickets, 3/8"x 1"solid bottom and under railings,and 111/ solid molded cap rail(note: this railing is to replace the original iron railings to enhance safety and aesthetics).The railing will replace older railings on the front steps and porch areas. Installation will include masonry/concrete repairs as needed on front porch and steps. • Installation of new properly sized and efficient HVAC system for energy efficient cooling and clean filtration of air.This will include properly sized Energy Smart 12 SEER Trane 3 Ton Condenser and Evaporator Coil and all other required fittings,insulation,electrical and other related work. • Upgrading of heating and hot water systems as needed to ensure energy efficiency and water conservation. • Full enovation of kitchen to include new cabinetry,counters, sinks, faucets,flooring,vents, lights and upgrading of appliances(two refrigerators,one chest freezer,one dishwasher,one range-top oven,and upgrade plumbing and electrical to reach energy and water efficiency standards). • Renovation of laundry room as needed to upgrade to energy efficient and water efficient models. • Replacement of wood framed single paned windows with energy efficient insulated fiberglass framed windows with insulation of surrounding frames and walls to avoid air leakage through gaps. • Full renovation of three bathrooms with slip resistant impermeable surfaces,new flooring and water efficient fixtures (sinks,tubs/showers/toilets),and energy efficient GCI lighting upgrades. 2 Page 37 of 160 Town Board August 14, 2024 Attachment D Town of Mamaroneck From: Tracy Yogman-Town Comptroller Re: Fire Claims Date: AUGUST 14,2024 The following Town of Mamaroneck Fire Department claims have been certified by Chief Thomas Broderick and submitted to the Comptroller's Office for payment: VENDOR DESCR1YT19N Amount MA Emergency Supply Co.,Inc Inflatable wwedge for vehicle lockouts $ 32.30 Swiffer mop,&supplies,Fire Prevention Kit-coloring books etc., Amazon oxygen tank wrench,Volunteers gloves&ties,usb cable $ 71050 Mobile tablet supplies,credit,arm rest-Chiefs car,water spigot shut off keys,tablet mounting supplles,fire prevention handouts for Open Amazon House,credit for uniforrm supplies $ 672.84 Elevator equipment,tire foam,detergent,lodk pins fire prevention Amazon supplies,water coolers&training supllles $ 555.97 Clean Air Service call-ripped hose $ 1,193.00 Con Edison Fire HQ gas service 9/27/23-6/26/24 $ 246.77 4lmprint Various sizes T-shIrts for Volunteers $ 909.91 Galls,LLC Sun glasses&accessory leash kits,various clothing $ 538.75 Vehicle wax spray,laundry detergent,disinfectant spray,cleaning Grainger products,wet mop,trash bag,bathroom cleaner $ 387.04 36"multi purpose broom,16"street push broom,wood&concrete Home Depot slab for drill $ 215.33 Nidus,Daniel Election Inspector 3 of 3-Fre Dist.Special Election $ 175.00 Optimum Cable services 7/23-8/22/24 $ 284.12 Ready Refresh Water Cooler rental 6/19-7/18/24 $ 195.96 Sound Shore Pest Control Pest control 6/28/24 $ 70.00 Thorpe,Jessica Election Inspector 1 of 3 -Fire Dist.Special Election $ 175.00 Town of Mam'k Fre Dept Supplies for Dinner for Department Drill $ 120.49 UniFirst Corporation Cleaning/bathroom supplies-6/28/24,7/12/24,7/26/24 $ 639.42 Verizon Fire HQ service 7/10-8/9/24 293.62 Food for Rescue Drill 6/26/24,Shoring Basic Drill 7/31,Packing& Village Pizza&Pasta Mask Application Drill 7/24/24 206.85 Westchester Cty Volunteer FF Assoc 2024 Yearly dues 20.00 IWJWW 6"Metered Water Charges 5/26-6/25/24&6/26-7/25/24 74.00 WJWW 205 Weaver St charges 6/25-7/25/24 255.28 Total $ 7,972.15 Page 112 of 160 Town Board August 14, 2024 Attachment E TOWN OF MAMARONECK FIRE DEPARTMENT OFFICE OF THE Headquarters CHIEF Vnigmmt •1/�, 205 WEAVER STREET LARCH MONT,NEW YORK 10538 WEAVER 834-2100 EMERGENCY 1Ct ////J�\�\\\ 834-2101-NON EMERGENCY tar�_` 834-2438 CHIEFS OFFICE STREET 834-0922•FAX WWW.TMFD.ORG Lten. .1.isicoN) To: Board of Fire Commissioners From: Chief Thomas Broderick Date: August 05,2024 Re: Fire Report for the Month of July 2024 The following report outlines response to calls made during the month of July 2024. It summarizes the nature,the number of personnel responding and the total time spent. I have also attached a report showing a further breakdown of these alarms. Alarm Type Number Generals 3 2 Minors 17 Stills 5 Out of Town(Mutual Aid) 3 EMS 39 Drills 3 TOTAL 99 Total number of personnel responding: 618 Total time working: 50 hours and 54 minutes Respectfully Submitted, Chief Thomas Broderick Town Board August 14, 2024 Attachment F TOWN OF MAMARONECK MAMARONECK SCHOOL TAX WARRANT FOR THE YEAR 20241 2025 I STATE OF NEW YORK ► COUNTY OF WESTCHESTER ) TO: Receiver of Taxes of the Town of Mamaroneck in said County YOU ARE HEREBY COMMANDED. to receive and collect from several persons named in the assessment roll of the Mamaroneck Union Free School District in the Town of Mamaroneck, hereunto annexed and herewith delivered to you,the sum of the School Taxes of said School District set opposite their respective names in accordance with provision of Chapter 852 of the Laws of 1948(Title 16)and the acts amendatory thereof and supplemental thereto including the amendment made by Chapter 386 of the Laws of 1962 and the resolution adopted by the Town Board of the Town of Mamaroneck on August 14,2024. AND YOU ARE HEREBY COMMANDED,to deposit all such monies so collected by you in virtue of the warrant,to the credit of the Town of Mamaroneck,into the JPMorgan Chase Bank,N.A.. as provided by said Chapter 852 of Laws of 1948 (Title 16) and the acts amendatory thereof and supplemental thereto including the amendment made by Chapter 386 of the Laws of 1962 and resolution adopted by the Town Board of the Town Of Mamaroneck on August 14,2024,such taxes being levied against the said School District for the year 2024/2025 for the following purposes,viz: APPROPRIATIONS Program Component $119,195,383.00 Administration Component 16,726,734.00 Capital Component 23,282,446.00 TOTAL APPROPRIATIONS $159,204,563.00 ESTIMATED RECEIPTS State Aid $ 11,178,915.00 Other Revenue 3,569,547.00 County Sales Tax 2,942,551.00 TOTAL REVENUES $ 17,691,013.00 TOTAL WARRANT AMOUNT $141,513,550.00 LESS AMOUNT TO BE PAID BY STATE(STAR PROGRAM) 152,390,898.67) ROUNDING ($4.31) NET AMOUNT TO BE RAISED BY TAXATION $139,122,647.02 AND YOU ARE FURTHER COMMANDED,to make and file with the undersigned Supervisor of the said Town, as required by Chapter 852 of the Laws of 1948 (Title 16), and the acts amendatory thereof, and supplemental thereto, including the amendment made by Chapter 286 of the Laws of 1962 and the resolution adopted by the Town Board of Mamaroneck.on August 14,2024,the reports provided for by said Law. IN WITNESS WHEREOF,I have hereunto set my hand and caused the seal of said Town to be hereunto affixed this 14th day of August,2024. 2�,,-- J[ R 1 J C� _ JAINE ELKIND ENEY SUPERVISOR TOWN OF MAMARONECK I