East Hampton Town has once again secured its Aaa credit rating from Moody’s Investors Service, underscoring the Town’s exceptional financial health and economic resilience. This rating, the highest available, has been consistently held by the Town since 2017.
In its latest report, Moody’s highlighted the Town’s “strong finances,” noting the significant impact of East Hampton’s status as a desirable location in attracting a strong tax base. The report also acknowledged the growing trend of homeowners extending their stays or making East Hampton their primary residence, facilitated by the rise of telecommuting.
Town Supervisor Kathee Burke-Gonzalez expressed her gratitude with the reaffirmation of the Town’s credit rating, stating, “Maintaining a top-tier credit rating allows the Town to borrow at lower interest rates, saving taxpayer money. It’s not just about managing finances though, it’s also about ensuring that our decisions today lay a strong foundation for future generations. Our proactive stance on environmental issues is a critical part of our strategy. By working closely with state and federal partners, we’ve been able to mitigate risks and better prepare our community from the impacts of climate change and extreme weather events.”
The report also pointed to the Town’s effective handling of environmental risks, particularly those associated with extreme weather events. Moody’s noted that East Hampton’s proactive capital planning and collaboration with state and federal officials have been key in mitigating these risks.
“East Hampton’s financial stability is not just about numbers, it’s about ensuring a sustainable and secure future for our residents,” added Town Administrator Becky Hansen. “Our ongoing efforts to manage debt, maintain reserves, and invest in critical infrastructure are fundamental to our long-term strategy. I would like to thank my dedicated staff, including Deputy Budget Officer Neide Valeira, the Department Heads and the Town Board for their support and collaboration throughout the year.”
The reaffirmation of the Aaa rating positions East Hampton favorably as it looks to the future and its annual debt sale which will take place in August. This financial flexibility is crucial as we continue to invest in infrastructure, public safety, community services, and enhance the quality of life for all residents.