Under the steady leadership of Islip Town Supervisor Angie Carpenter, the Town of Islip has set an unparalleled benchmark in financial prudence and economic foresight. When residents think about the financial security of their town, the bond rating may not be the first thing that comes to mind, but it’s an instrumental indicator of the financial health of a municipality. Angie Carpenter and her team have not only achieved but have maintained the gold standard of bond ratings – an outstanding Aaa rating with stable outlook.
A Legacy of Financial Excellence
Recently, Moody’s Analytics, Inc., a trusted international rating agency, reaffirmed the Town’s exceptional financial Aaa status for the 8th consecutive time. Beginning with the first upgrade in March 2016, the Aaa rating has been consistently reaffirmed in September 2016, September 2017, October 2018, April 2019, October 2020, April 2021, July 2022, and most recently on April 20th, 2023.
In its latest Aaa reassignment, Moody’s unequivocally stated, “The stable outlook reflects the expectation of continued strong operations given prudent management and continued growth and diversification in the local economy.” Such endorsements underscore the hard work and dedication of Supervisor Carpenter and her administration in maintaining a stable financial environment for Islip’s residents.
New Accolades and Milestones
In a remarkable new development this year, Islip received a MIG 1 rating for both its estimated $17 million Bond Anticipation Notes – 2023 Series B and $5 million Bond Anticipation Notes – 2023 Series C (Federally Taxable). According to Moody’s, the MIG 1/VMIG 1 designation is synonymous with the best quality, characterized by “strong protection by established cash flows, superior liquidity support, or demonstrated broad-based access to the market for refinancing.” This all translates to the lowest possible rates when the Town does a borrowing for major capital projects.
Proactive Financial Management
Ever since taking office, Supervisor Carpenter has been committed to strict budget oversight, ensuring that every taxpayer dollar is spent judiciously. “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,” Carpenter remarks. The adherence to zero-based budgeting and prioritizing only essential projects showcases the administration’s unwavering dedication to financial responsibility.
In a strategic move in early 2016, Supervisor Carpenter, alongside Comptroller Joe Ludwig and their proficient team, collaborated with Moody’s representatives. Together, they meticulously assessed Islip’s financial trajectory and resources, which culminated in Moody’s elevating Islip’s bond rating to Aaa – the highest accolade a municipality can receive.
Comptroller Joseph Ludwig echoed the administration’s sentiments, stating, “The goal always has to be, to maximize our revenues and decrease our expenditures. “Furthermore, Supervisor Carpenter added, “The Town of Islip is committed to continued sound, appropriate, economic development, while preserving a good quality of life for our residents.”
Moody’s ratings are pivotal for banks and financial institutions to assess the fiscal health of an entity. The Aaa rating and the recent MIG 1 designation, reflective of Islip’s robust credit quality and historical market access, are testaments to the strategic financial planning under Supervisor Carpenter’s leadership. Through her steadfast and practical approach, the Town of Islip promises its residents not only a great quality of life but also a financially secure future.