Wall Street Firm Upgrades Rating to AAA Citing ‘Strong Management’
Farmingville, NY - Supervisor Ed Romaine announced today that Moody’s Financial Services has upgraded the Town of Brookhaven to a AAA credit rating and stable outlook.
Moodys’ AAA credit rating, the highest designation that the agency issues, is an important and reliable indicator of the Town’s fiscal health determined by independent and objective fiscal monitors. A higher credit rating saves the Town money through lower interest costs.
Moody’s stated that the upgrade reflects the Town’s “continued strong financial management. Additionally, the rating reflects a large diverse tax base which includes significant institutional presence; strong socio-economic profile; and an above-average but manageable debt burden. The rating also takes into account our expectations that management is effectively managing the closure of the town’s landfill and has plans to mitigate the lost revenues.”
In their report, Moody’s cited:
-The financial position will remain sound for the near term driven by conservative budgeting and strong fiscal management
-Financial management is strong as evidenced by consistently sound reserves and formal fund balance policies
-Conservatively balanced budgets
-Ample reserves and liquidity
-Large tax base with institutional presence
-Stable outlook reflects expectation that reserves and liquidity will remain sound
-The Town will continue to manage landfill revenues to limit exposure when the landfill closes
Supervisor Ed Romaine said, “Both Moody’s and S&P Global agree that Brookhaven Town is on solid financial ground and on the right course for the future. Through strong management and strategic planning, we have been able to provide our residents with stable taxes, expanded services and provide a blueprint for the future that Wall Street agrees is well funded. I’d like to thank Commissioner of Finance Tamara Branson, Chief of Operations Matt Miner and Councilwoman Jane Bonner for the work they do to strengthen the Town’s finances. We have saved millions of taxpayer dollars and will continue to remain on this track well into future.”
Councilwoman Jane Bonner, who serves as the Town Board Liaison to Finance said, “While other municipalities are struggling with their finances, Brookhaven has again been recognized by Wall Street for our financial stability, watching out for our taxpayers and providing for their needs now and in the future. I commend my colleagues on the Town Board and Supervisor Romaine for their work that resulted in this AAA rating, which will save our taxpayers millions of dollars as we continue to provide the services they deserve and the infrastructure improvements we need.”
Division of Public Information * Office of the Supervisor
One Independence Hill • Farmingville • NY 11738 • Phone 631-451-6595