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East Hampton Town Rated Fiscally Strong

Thu, 06/22/2023 - 10:27
East Hampton Town Hall
Durell Godfrey

Two outside agencies that assess the fiscal health and accounting practices of municipalities have recognized East Hampton Town for its financial health and fiscal reporting.

The Government Finance Officers Association of the United States and Canada awarded a certificate of achievement for excellence in financial reporting to the town for its annual comprehensive financial report covering the 2021 fiscal year.

In a statement issued from Town Hall on Tuesday, the association is quoted as stating that the certificate “is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.”

“The report has been judged by an impartial panel to meet the high standards of the program,” according to the association, “which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the report.”

Moody’s Investors Service also reaffirmed the town’s rating of MIG 1, which denotes “superior credit quality,” in relation to short-term borrowing. The rating was first received last year, and Moody’s extended it in this year’s review. “Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing,” the town’s statement attributes to Moody’s. 

The town has maintained an Aaa rating from Moody’s, its highest rating, since 2017. In the most recent assessment, in August, Moody’s cited the town’s “prudent fiscal management and budgeting” as well as “proactive financial management practices.”

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