Audit Confirms $19M Oyster Bay Town Budget Surplus: Saladino

OYSTER BAY, NY — An independent audit confirmed the Town of Oyster Bay produced a net $19.2 million budget surplus last year for the town's coffers, officials said Wednesday. Supervisor Joseph Saladino said his administration has produced a budget surplus for three straight years, and that the town now has $27.4 million in reserves – the highest level since 2008.

Saladino touted the town's "rapidly improved financial health" in saying it will not borrow for cash-flow needs for the second straight year. His announcement comes amid falling — and delayed — revenues due to the coronavirus pandemic.

"From cutting property taxes by $3.9 million over three years to new policies that restrict spending, this Town Board has rightsized finances to protect taxpayers," Saladino said in a newsletter. "These independently-audited results illustrate that strong management and fiscal discipline can produce budgetary surpluses while eliminating deficits and returning money to taxpayers through a tax cut."

The audit was performed by certified public accountants Cullen & Danowski, LLP. Patch has reached out to the firm for comment and will update when we hear back.

The town's audited financial statements will be used in determining its bond rating in the coming weeks, Saladino said.

"From enhanced internal financial controls to holding departments accountable for their budgets, the Town Board and I have restored fiscal accountability and moved beyond the financial problems of the past," he said. "We are proud of the many milestones reached in returning fiscal stability to the Town."

Saladino said Wall Street has recognized the town's improved financial condition in recent years, as evidenced by its improved bond rating, which saves money for taxpayers.

"We look forward to more positive reviews from Wall Street in the weeks ahead," he said.

Since taking office in 2017, Saladino and the Town Board have cut property taxes and reduced debt and the operational budget deficit. Town debt declined from a high of $763 million to $603 million at the beginning of 2020.