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Moody’s Reaffirms Town’s Financial Rating

 

Islip, NY – Islip Town Supervisor Angie Carpenter is pleased to announce that today, Moody’s Analytics, Inc. has reaffirmed the Town’s financial rating which was upgraded in March to a Aaa status with a stable outlook. 

Supervisor Carpenter and staff met in March with representatives from Moody’s, closely analyzing the Town’s financial documents and conducting a tour of Islip’s notable resources. At that time Moody’s upgraded the Town’s bond rating to Aaa, the highest rating that can be assigned to a municipality. 

Today, Moody’s announced that they have affirmed the Town of Islip’s current Aaa bond rating.

"Moody's Investors Service has assigned a Aaa rating to the Town of Islip's $18.9 million Public Improvement Refunding Serial Bonds, 2016 Series A and $24.5 million Public Improvement Serial Bonds, 2016 Series B. Moody's maintains a Aaa rating on the town's $146 million General Obligation debt outstanding. The outlook is stable. The Aaa reflects a sound financial position, large tax base poised for future growth, above-average wealth indicators and manageable debt,” according to Moody’s Analytics, Inc.

 “I am pleased that together with the cooperation of the Town Board, we were able to establish a strong budget process. We worked closely with our Commissioners to tighten budgets as necessary, making certain that each and every taxpayer dollar spent is done with the utmost scrutiny.  We have instituted zero based budgeting to our spending plans, assuring that no projects move forward unless they are deemed essential. These are the strategies that enabled us to get the upgrade last year, and with this in mind, we have been working on the 2017 budget,” Said Supervisor Carpenter.

 “Our willingness to look at the process realistically is something that has had a positive impact with the rating agencies. The goal always has to be to maximize our revenues and decrease our expenditures,” Added Supervisor Carpenter.

 Moody’s financial ratings are used by banks and other in the financial services industry to determine the financial health of a given organization.  

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  • 9-11 Memorial Service

Town of Islip hosts annual 9-11 memorial service.

The Islip Town Board remembered the 12th anniversary of the tragic events of September 11, 2001, during a special ceremony held at the 9-1-1 monument located at Town Hall’s Veteran’s Memorial Park, where they were joined by colleagues from all levels of government, area fire departments, local clergyman, civic leaders and residents to pay tribute to the men and women who lost their lives during the 9-1-1 terrorist attacks.

 

To view photos from this event, visit the 9-11 Memorial Photo Gallery.

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