The Town of Islip has once again distinguished itself in the realm of municipal finance by achieving recertification with a coveted AAA bond rating, reaffirming its status as a paragon of fiscal responsibility. This prestigious recognition, bestowed by credit rating agency Moody’s Analytics, Inc., underscores the town’s prudent financial management and solid economic foundation.
The announcement was made with a press release, where town officials and leaders celebrated this significant achievement for the ninth straight year. Town of Islip Supervisor Angie Carpenter (R-West Islip) expressed her pride in the town’s fiscal stewardship, highlighting the collaborative efforts that have led to this momentous milestone.
“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,” remarked Supervisor Carpenter. “We have continued our zero-based budgeting to our spending plans, assuring no projects move forward unless they are deemed truly essential. These were strategies that enabled us to get the initial upgrade early in 2016, which we continue to adhere to as we move forward”.
The AAA bond rating is the highest possible credit rating assigned. Achieving and maintaining this rating is a mark of financial strength and stability.
“One of the benefits of the AAA rating is evidenced by the number of competitive bids received. The fifteen bids received are the second most in the history of the Town, and the range of offers varied by only twenty-six basis points, truly demonstrating the importance of our AAA rating,” said Supervisor Carpenter.
Islip’s recertification with an AAA bond rating is particularly noteworthy considering the economic challenges posed in today’s economic environment. Despite the uncertainty and disruption caused by inflation, the town’s prudent financial management has enabled it to weather the storm and emerge with its fiscal health intact.
In its assessment, Moody, the rating agency, cited “The Town benefits from a strong local economy, stable reserves and liquidity, and strong management”. The credit opinion continued by stating “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”.
Town of Islip Comptroller, Joseph Ludwig expressed his view of the reaffirmed AAA rating by stating “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”.
The recertification with an AAA bond rating reflects positively on the town’s overall financial health and will have tangible benefits for residents and taxpayers. Looking ahead, town officials remain committed to upholding the principles of fiscal responsibility and prudent financial management that have earned Islip its esteemed reputation. As the community moves forward, buoyed by this latest accolade, there is confidence that Islip will continue to thrive and prosper for years to come.
