The Town of Oyster Bay received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada. The town is the only “Large Municipal” that received the award in the country.
“We are so proud of this most recent achievement, which recognizes our ongoing efforts to improve our finances,” town supervisor Oyster Bay Town Supervisor Joseph Saladino said.
The award is the highest form of recognition in governmental accounting and financial reporting.
An impartial board voted on the town’s financial report and assessed it according to their standards.
Saladino said the town has taken a “taxpayer first” approach, which is reflected in property taxes remaining frozen since the initial 2018 budget,
In August, the town was recognized by Moody’s with an increase in the town’s credit rating.
“Earlier this month, we earned our ninth credit rating upgrade since I first took office in 2017, where our town was also praised for record-breaking improvements and vastly improved governance and operational management,” said Saladino.
The credit rating issued by Moody’s Investors Service, said the town’s outlook was “positive.”
“These continual upgrades illustrate the enormous financial improvements we’ve made since 2017, when the town held a junk bond rating,” Saladino said.
“Since taking office, my administration has eliminated $44 million in deficits inherited from the prior administration,” Saladino said in a press release.
The Town of Oyster Bay said it intends to keep taxes low while improving service to town roads, fields, parks and facilities, as well as improving environmental preservation.
“This award represents a significant accomplishment by our town and the way we have managed our finances,” Saladino said.
