Standard & Poor’s Rating Services last week reaffirmed the AAA rating issued to Southampton Town last year. The financial rating service said the town benefitted from a strong economy as well as strong management, budgetary flexibility, liquidity, debt profiles and other institutional frameworks.
“It has been my goal to achieve the AAA rating since I began as supervisor five years ago,” said Supervisor Anna Throne-Holst in a press release. “Having achieved that goal last year, we have no intention of resting on our laurels. We will continue the sound financial management practices and fiscal discipline that have helped us achieve this high standard and recover from the significant downgrades of the past.”
The S&P release further praised the town for its Financial Management Assessment methodology, which includes strong oversight of budgeted-to-actual spending results during the year, a long-term capital plan, and strong investment management policies.
Town Comptroller Leonard Marchese added, “I’m very pleased that the town is being recognized by S&P for its fiscal discipline and financial management. We have invested significantly into modernizing and streamlining processes throughout all areas of operations resulting in significant efficiencies and improved delivery of services townwide.”