Moody's, a leading provider of credit ratings, research, and risk analysis, once again awarded Southampton Town a AAA rating, which is the highest rating issued by the investment service.
In its February 6, 2017 investor report, Moody's praised the Town for its resilience, efficient management and diversified revenue, noting "Town management is strong, with officials actively working both to maintain the financial stability of the Town as well as the desirability of the region through various initiatives."
Prior to the report, Town Supervisor Schneiderman and Town Comptroller Leonard Marchese led Southampton's yearly presentation to the rating agency, which took place on Monday, January 20th.
"This is my second presentation to the rating agency," explained Supervisor Schneiderman, "and I am very pleased with the assessment of the Town's financial well-being as reflected in this report."
The Moody's report noted that their expectation is "that the Town will continue to maintain solid financial performance" due to continuous growth in existing reserves, sturdy liquidity and a proactive debt reduction plan that has seen a 26 percent reduction in debt since 2009, and has a projected 86 percent reduction over the next 10 years.
"We continue to budget and to forecast revenues conservatively," shared Comptroller Marchese. "Moody's report confirms the value of these sound financial practices."
While this marks the second year in a row the Town has earned the stellar rating, Supervisor Schneiderman and the Town plan to remain proactive to keep the impressive status.
"As the report points out, our community is our best asset," Supervisor Schneiderman said, "and we work very hard to protect and enrich that asset."
The Community Preservation Fund and its ability to "purchase land and development rights so that the area continues to have ample open space and farming" was also lauded in the report.
"The financial good health of the Town is the product of many hands," added Supervisor Schneiderman. "Our strong financial management team, sound policy decisions by the Town Board, effective management by our department and division heads and the efficient implementation of Town services by all of our employees each contributes to this stellar evaluation. Thanks to all for their efforts."
Nicole is the Editor-in-Chief of Hamptons.com where she focuses on lifestyle, nightlife, and mixology. She grew up in the Hamptons and currently resides in Water Mill. www.hamptons.com