Oyster Bay Budget - "No Tax Increase"
By Niall Fitzgerald
The Town of Oyster Bay passed its 2023 Budget - that froze taxes for the fifth year in a row.
“Five years in a row, no increase in taxes,” stated Oyster Bay Supervisor Joe Saladino. "Despite the national economy experiencing the highest inflation rate in 40 years, this is the fifth consecutive tax freeze budget proposed by my administration,”
The 2023 Budget is $319.9 million, a small increase from the $311.6 million from the 2022 budget. The increase in spending is due mostly to inflation, tax receipts on new mortgages, and improvements in both commercial and residential properties that added revenues to the tax rolls.
Individual homeowners and commercial property owners saw no increase in taxes.
The Town has now received seven credit rating upgrades due the Town Board's fiscally responsible budgeting policies. Both Moody’s and Standard & Poor’s cited to "continued improvements to the Town’s financial position" and credited the Town Board with "governance as a key driver" of the credit upgrades. Town debt has been reduced by $187 million, since Saladino took office. “Our Town Board continues to ensure fiscal stability while delivering the highest level of services to our residents," stated Saladino. "This budget continues to build on our overall financial success – which has been recognized with seven credit rating upgrades from two independent Wall Street firms – while restricting new spending, freezing property taxes and making smart investments in our roadways."