Town Of Smithtown Wins Top Grades For Fiscal Strength

TOWN OF SMITHTOWN, NY — The Town of Smithtown received a AAA bond rating and stable outlook from Moody's, a bond credit rating company, according to a news release from the township.

Moody's outlook for the Town of Smithtown cited a large and growing tax base, strong management and a healthy fiscal position, according to the town. The report highlighted the town's efforts to grow its tax base, which is anchored by the Long Island Innovation park. The town board's "proactive measures" taken during the coronavirus outbreak were noted, which included decreased overtime, cuts to discretionary spending and implementing a retirement incentive, preventing unemployment and saving taxpayer dollars, the town stated.

"I would like to thank Don Musgnug and the Comptroller’s office for their continued commitment to the people of Smithtown," Supervisor Edward Wehrheim said via news release. "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."

Smithtown's growing tax base was a vital component to the town's strong economic outlook, based on Moody's credit opinion, the town said. The town has finalized a number of projects resulting in a boost to its economy and provided a return on investment to its taxpayers.

The renovation of Smithtown Landing Golf and Country Club, Flynn Memorial Ballpark, the Lake Avenue Revitalization; the construction of the Pulaski Road Municipal Parking Lot; the new entryway to the LI Innovation Park and the regional fueling facility have all been or are on pace to be completed this year, according to the town.

"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," the town wrote.

The Smithtown administration says its focus remains on viable housing options to attract younger generations and retain empty nesters, preserving open space, revitalizing small business districts, and investing in infrastructure, parks and beaches.

Smithtown has a $21 billion 2021 tax base significant above the United States median; a number that has grown substantially from 2015 through 2019, according to Moody's.

In addition to the AAA Bond rating, the town conducted its annual serial bond issue last week. The interest rate came in slightly under 1.45 percent; its lowest rate since 1999, according to the town.