East Hampton Town Maintains Aaa Moody's Rating For Another Year

EAST HAMPTON, NY — Once again, East Hampton Town has earned a "top-tier" financial status from Moody's Investors Services, town officials said.

Moody's has ranked East Hampton Town as having an Aaa rating in advance of a bond sale; the town’s credit standing has been Aaa since 2017, the town said.

A financial assessment and opinion issued last week by the financial rating agency Moody’s, in advance of a debt sale by East Hampton Town has found that the town’s finances are "very healthy," and "leverage and fixed costs are quite moderate," according to the July 31 report.

The opinion maintained that the Town’s rating was Aaa, the highest rating issued.

Moody’s found that the Town has a "stable outlook" as "the town’s financial position will
remain strong due to its conservative budgeting and proactive financial management practices," town officials said.

"Management has budgeted very cautiously for all revenue streams, and as a result routinely
outperforms the budget," Moody’s said. "This holds true on the expenditure side as
well."

The report also cited the town’s healthy fund reserves and moderate amount of debt in relation
to revenue, the town said, adding that the strength of East Hampton’s economy, based on elements such as property values, resident incomes, and low unemployment rates, also factored into the Moody’s assessment.

East Hampton’s "extremely positive rating" equates to savings when the town is borrowing to pay
for projects and infrastructure improvements, as borrowing can be done at a low interest rate, town officials said.

To that end, the upcoming bond sale will refinance $17 million in existing debt and raise an additional $26.3 million for new capital projects that include the acquisition of body cameras and other police department equipment, vehicle replacements, the purchase of an additional office suite at 300 Pantigo Place, replacement of the highway department's salt barn, LED streetlight upgrades, and improvements to the picnic area at Maidstone Park and the basketball court at the Montauk Skate Park, among other items, town official said.

"Careful budgeting and meticulous fiscal management has been a priority and a hallmark of my
administration since I took office in 2018," said East Hampton Town Supervisor Peter Van Scoyoc. "Managing the taxpayers’ money while insuring that the town’s facilities are well maintained, and town departments are properly staffed so that residents receive needed services, is a key responsibility. I am pleased with the recognition by Moody’s of our efforts, and thank my board colleagues and our finance department professionals for their support in this area."