Smithtown Earns AAA Bond Rating For 2024

TOWN OF SMITHTOWN, NY — The Town of Smithtown announced it will maintain its AAA bond rating from Moody’s Investors Service for the 2024 fiscal year.

The annual report cited Smithtown’s investment in major infrastructure and downtown revitalization, as a focus of the town’s fiscal strength said to likely increase housing values in the surrounding areas, according to the town.

Highlights from Moody’s Credit Opinion focus on the administration's "steady management, a strong local economy, stable reserves and liquidity."

The town says the rating validates the major capital investments its administration has made while maintaining a balanced operating budget and healthy reserves.

"This report is a testament to our resilient economy, despite the National trend and it underscores Smithtown's exemplary financial health, positioning the town as a beacon of fiscal responsibility within the region," Supervisor Edward Wehrheim said in a news release. "Additionally, the report validates our decisions to invest in critical infrastructure; which is essential to protecting our waterways and ecosystem, along with our plan to revitalize the downtowns as driving forces in maintaining our financial strength."

Wehrheim thanked the "incredible team" backing his administration. He commended Paul Rubano and his team in the Comptroller's Office for the "exceptional job" they do year-round.

"As Smithtown embarks on its next chapter of growth, it remains steadfast in its mission to uphold the highest standards of financial stewardship and accountability," Wehrheim said.

The Town of Smithtown administration made a point of identifying major capital improvements over the past five years, geared towards boosting the local economy, providing a return on investment (ROI) to the taxpayer, according to the town.

Initiatives such as upgrading the parks system, renovating popular properties such as Landing Golf and Country Club, Hoyt Farm and Flynn Memorial Ballpark have "promoted economic activity in the surrounding small business areas, while making Smithtown an attractive place to live, work and play," it wrote.

Revitalizing the business districts has been a primary investment focus, the town said. It completed projects such as the Lake Avenue Business District Revitalization, three off-street parking lots in the downtown areas, a new entryway to the Long Island Innovation Park, and the sewer installation and revitalization of the Kings Park business district. The town stated it also made investments in protecting the environment and waterways by acquiring land at the headwaters of the Nissequogue River, leading major drainage and culvert rehabilitation, and running the street tree program and clean energy initiatives.

"Each undertaking has benefited the community, which is reflected in the town's increased property assessments, and a growing tax base," the town wrote.

According to Moody’s Credit Opinion, the Town of Smithtown’s strengths include a strong economy, solid and consistent operating results, and a low debt burden.

"The town benefits from a strong economic base, stable reserves, strong management and a long-term liability that is above-average but manageable. The economic base, while largely built out, will see some growth in the near-term driven by downtown revitalization projects. The downtowns in the hamlets of Kings Park, Smithtown and St. James are ripe for expansion given that septic tanks are replaced by sewer lines. This is already underway in Kings Park and there are plans for Smithtown and St. James. The revitalization of the downtowns will likely increase housing values in the surrounding areas."