The Town of Smithtown Receives AAA Bond Rating Status, Investing In Substantial Capital Projects While Maintaining Strong Reserves and Structurally Sound Budgets
The Town of Smithtown will maintain a AAA bond rating with a stable outlook, citing a growing tax base, strong economy, solid operating results and robust fiscal position. Highlights from Moody’s credit opinion focus on the administration's steady management, and efforts to advance the tax base which is anchored by the Long Island Innovation Park and benefits from the proximity of Stony Brook University. Additionally, the AAA bond rating validates the success of major capital investments orchestrated by Smithtown’s administration, while maintaining a structurally balanced operating budget and healthy reserves.
“This is a great success story about a small town pushing forward with major revitalization investments, all while enduring worldwide pandemic, epic weather events, economic fallout, and inflation. We have not only survived these unprecedented events… but we’re thriving and economically sound. I would like to commend Paul Rubano and his team in the Comptroller’s office for their exceptional work, commitment to the people of Smithtown, and maintaining our healthy fiscal status. This is a tremendous victory, and I am very pleased that Moody’s has recognized Smithtown for our consistent operating results and growing tax base. We remain devoted to a future of conservative financial practices and management.” - Supervisor Edward R. Wehrheim
In recent years, the Town’s administration has been successful in identifying major capital investments geared towards boosting the local economy, providing a return on investment to the taxpayer. Capital investments include the renovation of Smithtown’s parks system, the Lake Avenue Business District Revitalization, three off-street parking lots in the downtown areas, Landing Golf and Country Club, Flynn Memorial Ballpark, a new entryway to the LI Innovation Park and the regional fueling facility. Additionally, the Town has made substantial investments in protecting our environment and waterways, with the acquisition of land at the headwaters of the Nissequogue River, major drainage & culvert rehabilitation and clean energy initiatives. Each undertaking has benefited the community, which is reflected in the Towns' increased assessments, or a growing tax base.
According to Moody’s credit opinion, Smithtown’s strengths include a large and growing tax base, a strong economy, solid operating results, and a low debt burden. Smithtown’s sizable ($21 Billion) tax base is anchored by the presence of Stony Brook University and the LI Innovation Park at Hauppauge.
Smithtown benefits from a sizeable $21 billion 2021 tax base that is significantly above the US median and grew substantially from 2015 to 2019… Like many suburban NYC communities, Smithtown is seeing a significant uptick in housing prices and the housing market remains very strong. 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, February 28, 2022