Oyster Bay Town Supervisor Joseph Saladino and the Town Board today announced that independently-audited financial results indicate the administration and Town Board produced a net $20.2 million budgetary surplus for Town coffers in 2020. This is the fourth straight surplus produced by the Saladino administration. As a result, the Town now has $47.6 million in reserves – the highest level ever. Due to the rapidly improved financial health of the Town, there is no longer any borrowing for cash-flow purposes for the third straight year, even with the declining and delayed revenues caused by the global pandemic.
Supervisor Saladino stated, “These independently-audited results illustrate our success in producing budgetary surpluses while eliminating deficits and returning $5.2 million to taxpayers through a tax cut. The Town of Oyster Bay is now on stable financial ground thanks to stronger financial management, debt reduction initiatives, greater efficiencies and innovative programs implemented by my administration and the Town Board. We will continue to govern with fiscally-conservative budgeting practices that place the utmost importance on protecting your wallet and moving our community forward.”
Earlier this year, certified public accountants Cullen & Danowski, LLP conducted an annual audit of Town finances to close out the 2020 fiscal year. This accounting, auditing, and financial consulting firm confirmed the $20.2 million surplus produced by the 2020 Town of Oyster Bay management team. These audited financial statements, available for public review, will be utilized by Wall Street when determining the Town of Oyster Bay’s bond rating in the coming weeks.
Supervisor Saladino added, “From enhanced internal financial controls to holding departments accountable for their budgets, the Town Board and I have restored fiscal accountability and moved beyond the financial problems of the past. We are proud of the many milestones reached in returning fiscal stability to the Town. Together with the Town Board, my administration reduced total Town debt by record-breaking numbers while cutting property taxes for the first time in decades. Our overall success has been recognized four times by Wall Street – twice during the global pandemic – with credit rating upgrades which help save money for taxpayers. We look forward to more positive reviews from Wall Street in the weeks ahead.”
These independently audited financial results continue to demonstrate that the Town of Oyster Bay maintains a strong financial footing. Confidence in the current management team has been recognized by two independent Wall Street firms, with three credit rating increases in 2020. Moody’s Financial Services and Standard and Poor’s Global Ratings both recognized the Town of Oyster Bay’s success in reducing debt by a historic $165 million. A single credit rating increase during this COVID economic crisis is amazing, yet, two is remarkable. Additionally, the New York State Comptroller’s Office recently removed the Town of Oyster Bay from its fiscal stress-monitoring list for the first time since the program’s inception in 2013. In accordance with State Comptroller guidelines and recommendations, all the Town’s major funds have a positive fund balance.
Since taking office in 2017, Supervisor Saladino and the Town Board have cut property taxes while reducing debt and the operational budget deficit. In fact, the 2021 Town Budget sustained the $1.3 million property tax cut first approved by the Town Board for 2018 and maintained in 2019 and 2020. As a result, $5.2 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 $598 million at the beginning of 2021, bringing this administration’s four-year cumulative debt reduction to a grand total of $165 million.
The 2020 Comprehensive Annual Financial Report is available at on the Town website at www.oysterbaytown.com/departments/town-comptroller.