Apirl 30th, 2019 – Islip Town Supervisor Angie Carpenter is pleased to announce that Moody’s Analytics, Inc. reaffirmed the Town’s financial Aaa status with a stable outlook for the fourth consecutive time. The Town’s rating was first upgraded in March 2016 to Aaa, was reaffirmed Aaa in September 2016, September 2017, October 2018, and again Friday, April 27th.
The rating agency announced in its Aaa reassignment, “Islip benefits from a large tax base that is poised for future growth. The Town maintains a he althy financial position, characterized by strong reserves and liquidity, and moderate debt and pension burdens. Resident wealth and incomes are above average.”
“I am pleased that together with the cooperation of the Town Board, we were able to maintain our strong budget process,” said Supervisor Angie Carpenter. “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 and continued zero-based budgeting to our spending plans, assuring that no projects move forward unless they are deemed truly essential. These are the strategies that enabled us to get the initial upgrade early in 2016, and which was reaffirmed later that year and in subsequent bond agency reviews,” she said.
Supervisor Carpenter and staff met in early 2016 with representatives from Moody’s, closely analyzing the Town’s financial documents and conducting a tour of Islip’s tremendous resources. At that time, Moody’s upgraded the Town’s bond rating to Aaa, the highest rating that can be assigned to a municipality.
“Our willingness to look at the process realistically is something that continues to have a positive impact with the rating agencies. The goal always has to be, to maximize our revenues and decrease our expenditures,” said Joseph Ludwig, Town of Islip Comptroller.
“Over the last several years, the growth in the tax base has been driven by rising home values and economic development,” the Moody’s report stated, adding, “Islip’s financial position will remain sound given management’s commitment to maintaining financial flexibility…management remains conservative and committed to maintaining structural balance and strong monitoring of expenses.”
The Moody’s report noted the previously predominantly industrial nature of the Town’s base shifting from aerospace manufacturing to a base that consists of technology, manufacturing, distribution and health and education institutions.
“The Town of Islip is committed to continued sound economic development, while at the same time, preserving a good quality of life for all our residents,” said Supervisor Carpenter.
Moody’s financial ratings are used by banks and others in the financial services industry, to determine the financial health of a given organization.
