May 3rd, 2024 – Islip Town Supervisor Angie Carpenter is pleased to announce that Moody’s Analytics, Inc. has once again reaffirmed the Town’s outstanding financial Aaa status for the 9th consecutive time. The Town’s rating was first upgraded in March 2016 to Aaa, and was reaffirmed Aaa in September 2016; September 2017; October 2018; April 2019; October 2020; April 2021; July 2022; April 2023 and most recently, April 2024.
In its Aaa credit opinion released today, the agency acknowledged management’s sound fiscal practices saying, “Budgets are generally conservative and management is actively monitoring revenue and expenditure performance throughout the year. Reserves will remain sound through 2024…”
“We continue working 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 continued our 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 we continue to adhere to as we move forward,” said Islip Supervisor, Angie Carpenter.
The rating agency added, “The Town benefits from a strong local economy, stable reserves and liquidity and strong management.” The favorable credit opinion also cited, “Government operations are managed by certified and experienced professionals who are responsible for implementing policy objectives. Residents have easy access to basic services and the town scores favorably in health and safety,” noting that exposure to environmental risks such as carbon transition, natural capital and pollution risks are low.
Supervisor Carpenter, Comptroller Joe Ludwig 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, and has done so with each successive credit opinion.
“One of the benefits of the Aaa rating is evidenced by the number of competitive bids received. The 15 bids received are the second most in the history of the Town, and the range of offers varied by only 26 basis points, truly demonstrating the importance of our Aaa rating,” said Supervisor Carpenter.
“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.
“The Town of Islip is committed to continued sound, appropriate, economic development, while at all times, preserving a good quality of life for our residents. Sometimes the decisions to be made are tough, but our residents deserve no less,” 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.
