Recognizing the Town’s recent efforts in getting back on the road to fiscal recovery, Moody’s Investors Service issued the Town an investment grade rating in a report today that reestablished the Town’s credit rating with the agency, according to Acting Town Supervisor Joseph D. Muscarella.
“The Town was assigned a rating of Baa3, with a ‘stable outlook,’ acknowledging the Town’s significant improvements to actual finances for 2016, budgeted figures for 2017 and stated commitment to continue to work to eliminate fund deficits and build reserves,” Councilman and Acting Supervisor Muscarella said. “The ship is continuing to move in the right direction and we remain focused upon the continued improvement of our fiscal position.”
In assigning a new rating to the Town, Moody’s cited a number of key factors to support the Baa3, including reductions in payroll and consultant costs, and the Town Board’s increased role in day to day operations and budgeting.
“While the Town has admittedly experienced some financial setbacks in recent years, we have been working diligently to address the problems and make changes that will continue to have a positive effect on our financial future,” said Councilman Joseph G. Pinto, who has worked with all Town departments to help cut costs and streamline spending. “The Town’s fiscal recovery has been steady with remediation efforts beginning in 2012 and continuing yearly to the present.”
The Councilmen noted that over the last five years, the Town Board has been able to stabilize the Town’s financial position through agreed upon concessions from the Town’s workforce, retirement incentives, reducing operating expenditures and other measures. These determined efforts will continue in 2017.
“I am pleased that we have been able to offer a structurally balanced budget again this year with no one-shot revenues,” said Councilman Pinto, who works closely with the Town’s Office of the Comptroller and the Director of Finance. “Our stable outlook from Moody’s is reflective of our commitment to eliminating fund deficits and generating surplus on a recurring basis.”
Councilman and Acting Supervisor Muscarella said that he and his colleagues on the Oyster Bay Town Board are confident that the Town is proceeding efficiently and Moody’s positive assessment has supported that assertion. “I believe we are on track to come out of this stronger than ever,” he said. “We intend to remain clearly focused on our objectives to blend excellent constituent services with the utmost in cost efficient government.”