Supervisor Joseph Saladino and the Town Board proudly announce that the Town of Oyster Bay today earned its ninth credit rating increase and a positive outlook designation from Wall Street credit rating agency Moody’s Investors Service. Moody’s upgraded the Town to an Aa3 rating, from its A1 rating, and designated the Town’s outlook as ‘positive.’ This high grade is just three notches from a perfect score, the highest credit rating that any municipality can earn. These continual upgrades illustrate the enormous financial improvements made by the Saladino administration since taking office in 2017, when the Town held a junk bond rating from Wall Street. In fact, Moody’s Investors Service reported, “Financial operations have materially improved over the past decade leading to a substantial improvement…improved financial operations have allowed the town to reduce the debt load…and improved governance and operational management is a key driver of the rating action.”
Supervisor Saladino stated, “Independent Wall Street agencies continue to award the Town of Oyster Bay with upgrades for our commitment to the finest administration of government and watching the bottom line. This has been done successfully to protect your wallet while delivering the highest quality services the Town has ever seen. Despite inheriting a junk bond rating from the prior administration, our success and financial turnaround is breaking records as Wall Street continues to recognize the Town of Oyster Bay’s commitment to restricting spending, paying down debt and strong financial management practices. This ninth Wall Street credit rating upgrade will save residents substantial money as the Town will pay significantly less money in interest expenses when bonding for road repaving, park improvements and other critical infrastructure work.”
This recent upgrade marks the ninth credit rating increase earned by Supervisor Saladino and the Town Board since taking office in 2017. In this short period of time, the Supervisor and Town Board have cut property taxes while reducing debt and eliminating the operational budget deficit. Since cutting property taxes in 2018, the subsequent six budgets – in 2019, 2020, 2021, 2022, 2023, and 2024 – were frozen and sustained the $1.3 million property tax cut. As a result, $9.1 million is in the pockets of taxpayers rather than the coffers of government. This ‘taxpayer first’ plan successfully froze property taxes during both the worldwide pandemic and the highest inflation our nation and the Town of Oyster Bay has ever seen. In this same time, total Town debt also declined by $181 million – a 24% net decline in debt.
Earlier this summer, independently-audited financial results indicated that Supervisor Saladino and the Town Board produced the sixth straight surplus budget under this governing board. While impressing the Wall Street analysts, cutting and freezing taxes for seven years, and bringing about the finest quality of services, the Town of Oyster Bay has also increased it road repaving program, upgraded dozens of sports fields and parks, improved its facilities, purchased new garbage and highway trucks, and a long list of other improvements, including investments to better our environment. The Town of Oyster Bay is truly a better place to live, work and raise a family. Not only does Wall Street know it, but their report makes it very clear to the public.
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