ICYMI: Town Of Smithtown Wins Top Grades For Fiscal Strength

Smithtown NY

27 March, 2021

10:30 AM

Description

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." Click here to read the full story.