Suffolk County Nets $188.7M For Roads, Parks, And Water Upgrades Across Long Island

HAUPPAUGE, NY — Days after Suffolk County secured $188.7 million in tax-exempt bonds, officials say the sale has already begun strengthening the county’s financial outlook.

County Comptroller John Kennedy Jr. said the Oct. 23 sale drew $1.5 billion in bids, reflecting high investor confidence in the county’s fiscal health. The winning bid — from Jefferies LLC at a 2.96 percent interest rate — marked Suffolk’s lowest borrowing cost in several years.
“This was one of the strongest sales we’ve ever had,” Kennedy said. “It shows that investors believe in how we’re managing taxpayer dollars.”

Credit Ratings on the Rise

Both S&P Global Ratings and Fitch Ratings have upgraded Suffolk to AA-, up from BBB+ in 2021 — a move Kennedy attributed to improved reserves, conservative budgeting, and long-term debt management.
Since taking office, Kennedy said his office has refinanced nearly $958 million in existing debt, saving taxpayers $60 million in interest.

Where the $188.7 Will Go

The bond proceeds will fund dozens of local improvement projects throughout Suffolk County, touching everything from public safety to water quality. Among the highlights:
Law Enforcement and Emergency Services

• $10 million for replacement TASERs for Suffolk police
• $12 million for a replacement police helicopter
• $5 million for Fire Rescue and Emergency Services upgrades

Culture and Recreation

• $10 million to improve county parks, historic buildings, and the Cedar Island Lighthouse
• Funding for upgrades to Bethpage Ballpark and other recreational facilities

Education

• $4.5 million for education-related capital projects

Water Quality and Environmental Improvements

• $25 million to upgrade county sewer districts, rehabilitate Gugenheim Lake in Babylon and Islip, and clean up brownfield sites

Community Projects

• $50,000 to improve Bergen Avenue Park in West Babylon
• $40,000 for restoration planning at West Neck Farm (Coindre Hall) in Huntington
• $1.6 million for roadwork on County Road 11 (Pulaski Road) in Huntington

“These projects will improve quality of life for residents countywide — from safer policing tools to cleaner waterways and better parks,” Kennedy said.

Technology Boosts Investor Confidence

Kennedy credited the county’s new Investor Engagement Webpage, launched last year with BondLink, for helping attract record bids. The platform provides transparent access to Suffolk’s financial data, bond documents, and live market updates.
“It’s about transparency,” he said. “When investors can see what we’re doing in real time, it builds confidence — and that translates to better rates for taxpayers.”

Next Steps

The bonds are scheduled to be delivered to investors on Nov. 5. Kennedy said the county plans to return to the market in December with a $400 million Tax Anticipation Note (TAN) to maintain cash flow ahead of spring tax receipts.

Kennedy said he’ll continue working with County Executive Ed Romaine to strengthen Suffolk’s financial position.
“Every taxpayer dollar counts,” he said. “Our goal is to keep Suffolk County on solid financial footing while investing in the services and infrastructure residents rely on.”