Town Supervisor Joseph Saladino and the Town Board today approved the Town Budget for 2025, which continues to sustain the $1.3 million property tax cut approved by the Town Board for 2018. Despite the national economy experiencing the highest inflation rate in 40 years, the Town Board successfully implemented a plan that freezes property taxes for the seventh consecutive year – once again possible thanks to the spending restraints, efficiencies and debt reduction initiatives put in place by the Town Board. Although the Town once faced a $44 million deficit, approximately $100 million are now in reserves because of strong financial management practices. As a result, there will be no increase in Town property taxes despite high interest rates, labor costs and the impact of the largest inflation in decades on the purchase of all goods and services.
Supervisor Saladino stated, “Our Town Board continues to keep its promises to ensure fiscal stability while delivering the highest level of services to our residents. This 2025 Budget again freezes property taxes and is steadfast in its commitment to protecting taxpayers while continuing initiatives that enhance the suburban quality of life in our Town. From investing in roadways, parks, pools, beaches and the environment to combatting zombie homes and blights, the Town Board is making our community a better place.”
Since 2017, the Saladino administration has received nine credit rating upgrades from independent globally recognized financial firms, Moody’s Investor Services and Standard & Poor’s Global Ratings. In awarding these increases, Moody’s 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.” The nine credit rating upgrades save you – Town taxpayers – significant money each time the Town bonds for road repaving, sports field improvements and other critical infrastructure upgrades in our parks and facilities. While delivering these important upgrades for the community, the Town Board has also managed to reduce total Town debt by $185 million.
IMPROVED FINANCES & BUDGET SURPLUSES
The Town Board and Supervisor Saladino have successfully turned around a government that once faced financial crisis. Together, they fully eliminated an operating deficit that had reached $44 million in the past and, in fact, turned that deficit into a $100 million surplus – all while cutting property taxes. Fiscal responsibility in government is essential to creating a better, stronger, more prosperous community for this and future generations. That is why the 2025 Budget again freezes property taxes and is steadfast in its commitment to protecting taxpayers while continuing initiatives that enhance the suburban quality of life in our Town. From investing in roadways, parks, pools, beaches and the environment to combatting zombie homes and blights, the Town Board is making our community a better place.
WALL STREET CREDIT RATING UPGRADES
The Town’s financial turnaround managed by the Saladino administration and the Town Board has been recognized on nine occasions with credit rating upgrades from two independent Wall Street firms. Recently, Moody’s Investor Service upgraded the credit rating assigned to the Town to “AA3” and Standard & Poor’s Global Ratings reaffirmed the Town’s credit rating of “AA-.” These Wall Street firms have recognized the Town’s success in reducing debt by historic amounts, and even awarded upgrades during the COVID pandemic when most local governments were struggling financially.
Further independent evidence of this financial success is proven by the State Comptroller’s Office removing the Town of Oyster Bay entirely from its fiscal stress monitoring list in 2019. Since then, the Town has continued to remain off the list due to strong fiscal management and conservative budgeting practices.
CUTTING & FREEZING PROPERTY TAXES
The 2025 Budget continues to sustain the property tax cut approved by the Town Board in 2017 by implementing a plan that again freezes property taxes in 2025 for a seventh straight year. Accordingly, nearly $10.4 million will be back in the pockets of residents rather than in the coffers of government. This taxpayer savings is possible due to debt reduction initiatives and internal controls which limit new spending.
The 2025 Budget is balanced and reflects $3.3 million in increased expenses while holding the line on property taxes. The increased expenses are largely in areas in which Town officials have no control, as health insurance costs, contractual salary charges and skyrocketing interest rates make up most of the rise in expenses. Those expenses are offset by non-tax revenues such as interest earnings, Local Government Assistance Program funds and many other revenue lines that have been more conservatively budgeted under this administration. Despite record level inflation, the Town Budget continues to constrain government spending that is under the Town’s control while delivering the important services residents have come to expect and deserve.
RECORD BREAKING DEBT REDUCTION
The Town Board accelerated debt service payments and limited new borrowings for capital projects. Before the Saladino administration entered office, Town debt had reached a high of $763 million. The Saladino administration reduced that by $185 million, more than 24%, without raising taxes. This is the largest debt reduction initiative in the Town’s 365-year history. The 2025 Budget continues to pay down debt. As a result of the Town Board’s approach to debt reduction, 2025 debt service payments will be $8 million lower than in 2017 when I first took office, helping to alleviate pressure on the operating budget. The reduction would be even greater if it were not for the rise in interest rates seen throughout 2024.
ECONOMIC DEVELOPMENT & JOB CREATION
To keep the local economy moving forward, the Town Board directed the Department of Planning & Development reprioritize the workforce to process building applications at a faster pace. The department now accepts credit card payments to expedite the process. The Town continues to offer many same-day permits while eliminating red-tape for businesses to keep outdoor dining open throughout 2025.
The Town Board is focused on helping residents fill jobs and sharpen their skills. Through its career center, the Town continues to offer free online resume and job skills services to help residents prepare for workforce re-entry. A group of professional experts offer free startup advice to small businesses. These services are also offered through job fairs, including one specialized for differently-abled job seekers, offered free to all residents.
This Town Board knows that anti-tax, pro-jobs policies are critical for the future of our economy. Those policies helped attract the corporate headquarters of 1-800-Flowers to Jericho, as well as a Home Depot final destination facility in Hicksville. Furthermore, the Board’s policies helped attract a new Amazon distribution facility and hundreds of jobs to Syosset. Dream Car Restorations found a new home in Plainview, and their automotive skills are featured on The Discovery Channel. New York Institute of Technology recently transformed a vacant hotel into a modern residence hall for students pursuing professional degrees.
To keep our downtowns vibrant and storefronts filled, the Town of Oyster Bay is supporting small businesses and non-profit organizations with Federal grant money. In fact, the Town released millions of Federal dollars to small businesses and chambers of commerce to boost shop local initiatives. Funded in this budget is an initiative known as Oyster Bay Today, which aims to attract tourism and boost the local economy. From dining and shopping to recreation and leisure, Oyster Bay Today helps fill your calendar with local adventures and memorable experiences in the Town of Oyster Bay.
This budget continues to invest money in downtown revitalization initiatives. In Hicksville, nearly 190 new residential units along with retail and restaurant space are under construction at 99 Newbridge Road. This $111 million investment by Alpine Residential Development is just one of several projects in the downtown. Future projects will support increased access to transportation, improved walkability, and 500 new housing opportunities. These projects, along with the Metropolitan Transportation Authority’s $132 million investment in the Hicksville Railroad station, will continue to transform Hicksville into a vibrant downtown for downsizers, empty nesters, senior citizens and what millennials asked for that will help keep them here on Long Island. Nearby, plans are being developed by the private sector to transform both Broadway Commons and the former Sears site into greater economic engines for the region.
CONTINUING ON THE RIGHT TRACK!
In a short period of time, Supervisor Saladino and the Town Board have turned a multi-million-dollar operational deficit into a $100 million surplus while cutting property taxes. The Town Board has earned nine Wall Street credit rating upgrades, and the State Comptroller recognized this success. Now, the Town of Oyster Bay is delivering better services than ever before at a cost of only $144 a month for the average homeowner (less than your monthly cable bill).