Moody’s has affirmed that Southampton Town has strong financial management, according to information shared by Town leadership. In its investor report issued yesterday, the published that its AAA rating is the highest issued by the investment service.
Additionally, according to the report, Southampton Town has:
- 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
Moody’s also reported that there is an “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.
“I am very pleased with the assessment of the Town’s financial well-being as reflected in this report, says Southampton Town Supervisor Jay Schneiderman. “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. Thanks to all for their efforts.”