Moody’s Upgrades Town’s Financial Rating


Islip, NY – Islip Town Supervisor Angie Carpenter is pleased to announce that Moody’s Analytics, Inc. has upgraded the Town’s financial rating to Aaa status with a stable outlook. Supervisor Carpenter and members of her staff recently met with representatives from Moody’s, closely analyzing the Town’s financial documents and conducting a tour of Islip’s notable resources.

“This upgrade by Moody’s in the Town of Islip’s Bond rating is very reassuring and certainly affirms that the policies and procedures that were put into place when I took on the responsibility of this office last March are working,” said Supervisor Angie Carpenter. “We practice sound fiscal business policies that demonstrate our commitment to transparency and responsible government for our residents.”

“The upgrade to Aaa reflects a sound financial position, large tax base poised for future growth, above-average wealth indicators and manageable debt,” according to Moody’s. “The stable outlook reflects the expectation of continued strong operations given prudent management and continued growth and diversification in the local economy.”

 

Supervisor Carpenter added, “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. The goal always has to be to maximize our revenues and decrease our expenditures.”

“We are grateful that Moody’s took the time to sit down with Town officials and see for themselves that our economic outlook and plans for the future have placed the Town on a solid financial footing,” said Councilman Steve Flotteron.

Councilman John Cochrane, Jr. stated, “I’m glad that they were impressed with what we’ve been able to accomplish so far, but there’s more that we have planned to keep our Town on a path of success.”

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