Supervisor Joseph Saladino and the Town Board proudly announce that the Town of Oyster Bay today earned its eighth credit rating increase and a positive outlook designation from Wall Street Credit Rating Agencies. Standard & Poor’s Global Ratings upgraded the Town to an AA- rating, from its A+ rating, and Moody’s Investors Service upgraded the Town’s outlook from ‘stable’ to ‘positive’ while maintaining its A1 rating. Standard & Poor’s Global Rating lauded ‘the town’s robust operating performance,’ and a substantially improved financial position as well as ‘improved financial management practices.’ Moody’s Investors Service remarked that ‘the turnaround has been both rapid and dramatic.’  These 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.

 

“Independent Wall Street agencies continue to award the Town of Oyster Bay with upgrades for our commitment to watching the bottom line and protecting your wallet,” said Supervisor Saladino. “Despite inheriting a junk bond rating from the prior administration, our success and financial turnaround is topping Wall Street’s charts due to our commitment to restricting spending, paying down debt and sound financial management practices. This eighth Wall Street credit rating upgrade will save residents real 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 eighth 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 five budgets – in 2019, 2020, 2021, 2022 and 2023 – sustained the $1.3 million property tax cut through a plan that successfully froze taxes. As a result, $7.8 million is in the pockets of taxpayers rather than the coffers of government.  Total Town debt has also declined, from a high of $763 million to $576 million at the beginning of 2022, bringing the administration’s five-year cumulative debt reduction to a grand total of $187 million – a 25% decline in debt.

 

Earlier this summer, independently-audited financial results indicated that Supervisor Saladino and the Town Board produced the sixth straight surplus under this governing board. As a result, the Town of Oyster Bay now has the highest reserve fund ever.