Town of Smithtown Receives AAA Bond Rating Status, Investing in Substantial Capital Projects While Keeping Strong Reserves and Structurally Sound Budgets
The Town of Smithtown will maintain its AAA bond rating with a stable outlook from Moody’s Investors Service. The annual report cited a growing tax base, strong economic wealth metrics, consistent 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 at Hauppauge, 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.
“The town is truly flourishing, as a result of the capital investments we’ve made over the years. This report validates our dedication and serves as confirmation that we’re heading in the right direction to provide a vibrant home for our children and future generations. This is truly a team effort, which every town employee plays a role in achieving. I would especially like to commend Paul Rubano and his talented team in the Comptroller’s Office for the exceptional job they do year round to keep our financial status strong and stable.” - 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, large scale projects like Landing Golf and Country Club, Flynn Memorial Ballpark, the Lake Avenue Business District Revitalization, three off-street parking lots in the downtown areas, and the new entryway to the Long Island 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 and culvert rehabilitation, and clean energy initiatives. Each undertaking has benefited the community, which is reflected in the Town's increased assessments, or a growing tax base.
According to Moody’s Credit Opinion, the Town of Smithtown’s strengths include a large and growing tax base, a strong economy, solid and consistent operating results, and a low debt burden. Smithtown’s sizable ($22 Billion) tax base is anchored by the presence of Stony Brook University and the Long Island Innovation Park at Hauppauge. The opinion also cites the Kings Park sewer project, which will provide significant advantages to downtown businesses.
The credit profile of the Town of Smithtown (Aaa stable) reflects the town's large wealthy tax base conveniently located within commuting distance to New York City. Smithtown's economy also benefits from the presence of Stony Brook University and the Long Island Innovation Park at Hauppauge, which is among the largest industrial parks in the nation. Our view of the credit also incorporates the town’s financial profile, which is highlighted by strong cash and reserves and conservative budgeting.