Standard and Poor’s Rating Services released a report yesterday that declares Southampton Town has maintained its “AAA” rating from one year ago. According to information shared by the Southampton Town Supervisor’s office, the S&P report cites “Very Strong Management and Strong Financial Policies and Practices” and also points to the Town’s:
* Very strong economy;
* Very strong budgetary flexibility;
* Very strong liquidity;
* Strong budgetary performance;
* Strong debt and contingent liabilities profile; and
* Strong institutional framework.
Southampton Town Supervisor Jay Schneiderman says that he has total confidence that the AAA rating will stick for the future as well.
“The outlook also reflects our opinion of a town that has very strong economic factors likely to be maintained,” he says. “The town’s management is strong with no changes anticipated that would likely weaken the rating.”
The former Suffolk County Legislator, who was the East Hampton Town Supervisor earlier in his career, has strong support in Leonard Marchese, the Town Comptroller, who agrees with the Supe’s rosy outlook for the future.
“Jay continues the strong financial management that has been evident in the Town in the past several years. His unique multi-level governmental experience … provides the Town of Southampton with a strong financial manager,” he says. “Together with the Town Board, Jay is highly capable of leading the Town’s finances with prudent fiscal management.”
The folks at Standard and Poor also seem to agree, according to a release issued today.
“The stable outlook reflects our expectation that the rating will not change over the two year outlook horizon,” the S&P release says.