The Town of Edgartown was assigned a ‘AAA’ with a “Stable” Outlook Bond Rating by Standard & Poor’s (S&P) on October 20, 2022, following a rating review call with S&P analysts and members of the Town’s Financial Management Team. The Town was previously assigned ‘Aa2’ by Moody’s Investors Services in 2016.
S&P’s independent and objective decision to upgrade our bond rating on the heels of two very tumultuous economic years is a confirmation of our proactive fiscal management policies, and is a testament to the disciplined budgetary practices of our Finance Advisory Committee and Selectboard.
Several deliberate decisions contributed to the highest municipal rating possible including:
- Sustainable operating budget growth in both salary and expense.
- Aggressive planning and execution of climate resiliency projects to minimize infrastructure risk.
- Conservative appropriation of new revenue sources into reserve funds for future fiscal flexibility.
- Strict adherence to our codified fiscal planning and operating policies.
The ‘AAA’ rating will ultimately save the taxpayers tremendously in the form of more favorable borrowing terms and lower interest rates on the Town’s future capital projects.
Ultimately, it could not have been accomplished without the hard work of the Town’s Financial Management Team and support of the voters at Town Meeting.
Respectfully,
James M. Hagerty / Town Administrator
Click here to read the ‘AAA’ with a “Stable” Outlook Bond Rating by Standard & Poor’s (S&P) report
