The Oyster Bay Town Board 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 implemented a plan that once again freezes property taxes for the seventh consecutive year. This was made possible as a result of 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, according to the town board. This means 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.
“Our Town Board continues to keep its promises to ensure fiscal stability while delivering the highest level of services to our residents,” Town Supervisor Joseph Saladino said. “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. 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-.”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 town board pointed out that the nine credit rating upgrades save the texpayers money when bonding for special projects. While delivering these important upgrades for the community, such as road repaving, sports field improvements and other critical infrastructure upgrades in its parks and facilities, the Town Board noted, they have also managed to reduce total town debt by $185 million.
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, Oyster Bay has continued to remain off the list due to strong fiscal management and conservative budgeting practices.
According to the town board, 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.
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,” Saladino said. “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.”
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.
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 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, thetown board said. 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.