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The original item was published from 3/23/2021 3:47:07 PM to 7/14/2021 9:05:05 PM.

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Posted on: March 23, 2021

[ARCHIVED] Smithtown Wins Top Grades for Fiscal Strength

Bull

THE TOWN OF SMITHTOWN RECEIVES AAA (STABLE) BOND RATING STATUS DESPITE GLOBAL PANDEMIC, NATURAL DISASTER & CIVIC UNREST

The Town of Smithtown received a AAA bond rating with a stable outlook from Moody’s, citing a large and growing tax base, strong management, and a healthy fiscal position. Highlights from the report focus on Smithtown’s efforts to grow the tax base, which is anchored by the Long Island Innovation park. In addition, the proactive measures taken by the Town Board during the pandemic were of note, which included decreased over-time, cutting discretionary spending and implementing a retirement incentive, preventing unemployment and saving taxpayer dollars.

 

“I would like to thank Don Musgnug and the Comptroller’s Office for their continued commitment to the people of Smithtown. They are exceptionally skilled and work year-round at keeping our financial status strong and stable. This was a tremendous victory, considering all we went through this year. I am very pleased that Moody’s identified the tireless efforts and decisions we made at the beginning of the pandemic, in addition to citing our growing tax base. We remain committed to maintaining strong financial discipline and economic success through Smart Growth initiatives, and conservative fiscal management.”  - Supervisor Edward R. Wehrheim

 

According to Moody’s credit opinion, Smithtown’s large and growing tax base, citing the LI Innovation Park at Hauppauge as an anchor, was a vital component to the Town's strong economic outlook. The Town of Smithtown has finalized a number of projects, resulting in a boost to the local economy, and providing a return on investment to the taxpayer. The renovation of Smithtown Landing Golf and Country Club, Flynn Memorial Ballpark, the Lake Avenue Revitalization, the Construction of Pulaski Road Municipal Parking Lot, the new entryway to the LI Innovation Park and the regional fueling facility have all been or are about to be completed this year. Each undertaking has benefited the community, which is reflected in the Town's increased assessments, or a growing tax base, in addition to the mortgage recording tax for the year, which came in 50% higher than anticipated. 

 

Like many towns on Long Island, the administration's focus remains on viable housing options to attract younger generations and retain empty nesters, preserving open space, revitalizing small business districts, and investing in our infrastructure, parks & beaches. 

 

Smithtown benefits from a sizeable $21 billion 2021 tax base that is significantly above the US median and grew substantially from 2015 to 2019… The town has consistently produced stable operating results reflecting close monitoring of a fairly conservatively set budget. We anticipate that the town will continue to maintain stable operating results that will generate solid reserves.

  • Moody’s Investors Service, Smithtown (Town of) NY: Update to credit analysis, March 12, 2021

 

In Addition to the AAA Bond rating, the town conducted it’s annual serial bond issue last week. The interest rate came in slightly under 1.45%, which is the lowest rate since 1999.  

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