Contact: Frank Zappone, Deputy Supervisor
February 6, 2017
Moody’s Affirms Southampton Town’s Strong Financial Management
Moody’s, in its investor report dated February 6, 2017, affirmed the Town’s AAA, the highest rating issued by the investment service, and specifically noted particularly the Town’s
- Very large and stable tax base which has shown continued resilience
- Strong management and diversified revenue provide for stable operations
- Recent financial performance has led to growth in available fund balance
The report follows an annual presentation to the rating agency led by Town Supervisor Schneiderman and Town Comptroller Leonard Marchese on Monday, January 20. “This is my second presentation to the rating agency,” commented 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 went on to comment on their “expectation that the Town will continue to maintain solid financial performance.” The foundations for that expectation are based, the report indicates, on the continued increase in available reserves, strong liquidity and an aggressive debt reduction strategy resulting in a 26% reduction in debt since 2009 and a projected 86% reduction over the next 10 years.
“We continue to budget and to forecast revenues conservatively. Moody’s report confirms the value of these sound financial practices.” added Comptroller Leonard Marchese. “
This report is a affirmation of the rating established one year ago; however, Supervisor Schneiderman also stated that we wanted to make it clear to Moody’s rating team that the Town would not be resting on its recent successes.
“As the report points out, our community is our best asset,” Mr. Schneiderman added, “and we work very hard to protect and enrich that asset.” The report recognized those strategic efforts noting the “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.” The report cited the value of 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” as well as projects undertaken as part of a larger Business District Revitalization Plan.
“The financial good health of the Town is the product of many hands. 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” concluded Supervisor Schneiderman. “Thanks to all for their efforts.”
For More Information, please, contact Connie Conway at 631-283-6055
