You might think from all the talk about town budget cuts and empty downtown storefronts that Wellesley is in a world of financial hurt these days. But according to fresh analysis from Moody’s Investors Service, Wellesley is actually in an envious position.
The Boston Business Journal reports that “Wellesley’s financial standing remains the envy of the Bay State thanks to a deep roster of institutional tax payers (see ‘real estate investors’) and a steady pipeline of commercial and residential development. That and the fact that the town’s pension liability is nearly 100 percent funded.”
What’s more, the report says that there are about 50 new homes valued at $2 million each almost ready for sale, plus there are big development projects in the works, including the Whole Foods move coming later this year. Equity Office Properties is listed as the town’s biggest taxpayer, with Haynes Management and Sun Life being among other biggies.
Moody’s also announced that it has affirmed Wellesley’s long-term Aaa rating, though does warn: “Despite Wellesley’s strong recent performance, Moody’s believes that the town’s tax base may experience additional modest declines in the near term due to the weak regional real estate market.” (You can access the Moody’s report by signing up for a free user account.)