Southampton Given Nod By Credit Rating Agency

SOUTHAMPTON, NY — Once again, Southampton Town has received recognition for its sound financial footing, according to Supervisor Jay Schneiderman.

Moody’s, in its investor report dated Monday, affirmed the town’s Aaa designation — the highest rating issued by the investment service — and specifically noted Southampton's "vey large and stable tax base which has shown continued resilience, strong management and diversified revenue provide for stable operations, and recent financial performance," which has led to growth in available fund balance, a release from Schneiderman's office said.

The report followed an annual presentation to the rating agency led by Schneiderman and Town Comptroller Leonard Marchese on January 20.

“This is my second presentation to the rating agency and I am very pleased with the assessment of the town’s financial well-being as reflected in this report," the supervisor said.

The Moody’s report also said there was an “expectation that the town will continue to maintain solid financial performance" based on the continued increase in available reserves, strong liquidity, and an aggressive debt reduction strategy resulting in a 26 percent reduction in debt since 2009 and a projected 86 percent reduction over the next 10 years, Schneiderman said.

“We continue to budget and to forecast revenues conservatively. Moody’s report confirms the value of these sound financial practices," Marchese said.

Thw report is an "affirmation" of the rating established a year ago, Schneiderman said, adding that the goal was to show the Moody’s rating team that the town would not be resting on its proverbial laurels.

“As the report points out, our community is our best asset and we work very hard to protect and enrich that asset," Schneiderman said.

Town management is strong, the report said, with officials working both to maintain financial stability, as well as promote the desirability of the region through various initiatives, the release said.

In addition, 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 release said.

“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," Schneiderman said.