Moody’s Investors Service has once more assigned the Town of East Hampton a top Aaa rating, citing the town’s “strong financial position, low though modestly growing debt burden.”
During a Town Board work session in Montauk on April 9, Supervisor Peter Van Scoyoc noted the town took advantage of its standing with Moody’s in a debt sale to refund existing bonds, which will save taxpayers $316,000 over the life of the bond due to a low interest rate of 1.3 percent assigned to the town because of its financial record.
The town has maintained its Aaa rating — the highest possible credit rating — since 2017.
“The Aaa rating reflects the town’s sizeable, affluent and growing tax base, strong financial position, low though modestly growing debt burden and low pension liability,” Moody’s wrote. “The stable outlooks reflects our view that the town’s financial position will remain strong due to its conservative budgeting and proactive financial management practices. We also expect that the tax base will remain very strong and continue to grow.”
“Careful budgeting has allowed us to continue to provide services to taxpayers as well as plan for needed capital improvements and community projects while continuing to reduce overall debt and keeping tax rates within the two-percent tax cap limit,” said Mr. Van Scoyoc in a press release issued last week by town officials.