The following article appeared in the
East Hampton Star
online version May 28th. The Village Board has prepared a very conservative budget for the next fiscal year (which begins August 1st) in light of this pandemic and the unknown effects it will have on income. As you can see the credit analysis from Moody’s is excellent and the Board is confident they are on a good course.
Kudos From Moody's for East Hampton Village
By Jamie Bufalino
May 28, 2020
East Hampton Village is in
strong fiscal health
and will likely remain so despite the economic shutdown caused by the pandemic, according to a recent credit analysis from Moody’s Investors Service, which gave the village an
Aa1 bond rating
, the company’s second highest.
The firm cited the village’s “solid” management, property tax base, and available funds and reserves. The economic vitality of municipalities dependent on tourism and hospitality are at risk because of the pandemic, the report noted, “however, the village has maintained a solid level of activity since many second-homeowners and long-term renters have relocated to the village from other areas, particularly New York City, to work during the Covid-19 outbreak.”
Despite the optimistic outlook, Moody’s cautioned that “the situation surrounding coronavirus is rapidly evolving and the longer-term impact will depend on both the severity and duration of the crisis.”
This is the result of many years of careful fiscal budgeting by your Village Board. The East Hampton Village government remains vigilant in its commitment to use taxpayer funds with care and forethought. Because of the village’s good fiscal stewardship leading to our excellent Moody’s rating, we were able to secure a savings of over $161,000 in interest on our recent bond consolidation. The Village remains committed to remaining fiscally sound and will always strive to maintain the residents’ trust with their finances.