PRESS RELEASE
August 22, 2023
Contact: Supervisor's Office
(631)283-6055
Moody's, in its investor report dated August 18, 2023, re-affirmed the Town of Southampton's Aaa rating, the highest rating issued by the investment service, and specifically noted particularly the Town's:
- Very large and stable tax base which continues to grow
- Ample reserves and liquidity
- Manageable debt burden
- Strong fiscal management and conservative budgeting
The report follows a presentation to the rating agency by Town Supervisor Jay Schneiderman and Comptroller Dorothy Godlewski on August 8, and marks the eighth 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 tomorrow to fund $13.5 million in 2023 capital projects.
The Moody's report went on to comment that, "The stable outlook reflects the town's conservative fiscal management practices, which will support continued healthy operating performance and maintenance of a strong financial position."
Supervisor Schneiderman noted, "Moody's continues to recognize the strong fiscal management and conservative budgeting practices of this administration. 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 Dorothy Godlewski.
Moody's report and press release.
