In an investor report issued on May 1, Moody’s re-affirmed the Town of Southampton as Aaa — the highest rating issued by the investment service. According to a press release issued by the town, specifically the rating agency noted the growth of the town’s large and stable tax base, its ample reserves and liquidity, manageable debt burden and strong fiscal management.
The report follows a presentation to the rating agency led by Town Supervisor Jay Schneiderman on April 23, and marks the fourth consecutive year of his administration’s financial achievement. The Aaa rating will afford the Town a very favorable interest rate when it goes to the financial markets later in the spring to fund 2019 capital projects.
The Moody’s report went on to comment that, “The stable outlook reflects the expectation that the town will maintain solid financial performance and its tax base will remain extremely large and diverse.”
“Moody’s continues to recognize the strong fiscal management and conservative budgeting practices of this administration,” said Supervisor Jay Schneiderman. “We have achieved and are maintaining the highest credit rating possible.”
“We continue to budget and to forecast revenues conservatively. Moody’s report confirms the value of these sound financial practices,” added Comptroller Leonard Marchese.