Taxes unchanged in proposed $338M Oyster Bay budget for 2024
Pictured is Oyster Bay Town Hall in Oyster Bay, where legislators will vote Tuesday on a proposed $338.4 million budget for 2024. Credit: Anthony Lanzilote
Town of Oyster Bay officials are touting a $338.4 million proposed budget for 2024 they say would boost spending and government salaries while leaving taxes unchanged for the sixth consecutive year.
The preliminary spending plan is a 5.7% increase compared to $319.9 million adopted budget for 2023 and will face a vote on Tuesday after a budget hearing.
“The budget continues to sustain the $1.3 million property tax cut approved by the town board back in 2018,” said Supervisor Joseph Saladino during an Oct. 3 town meeting.
That put more than $9 million in overall savings "back in the pockets of taxpayers rather than the coffers of government," he added.
Spending has climbed under Saladino, rising 19.1% since the $284.1 million budget he acquired in 2017 after former Supervisor John Venditto resigned amid corruption charges.
Salaries, for example, have risen 30% — from $77.1 million in 2017 to $100.2 million in the preliminary 2024 budget.
Meanwhile, Saladino said the town has reversed the $44 million deficit it faced before a 11.5% tax hike in 2016 that was intended to eliminate the accumulated shortfall. The rise helped create an annual surplus.
The town’s 2020 audited financial statements indicated the deficit was lowered to $23.4 million by the end of 2016 after the tax bump.
The town now has built up an $88 million surplus, according to Saladino, who lowered the property tax levy by 0.5% in the 2018 budget, which since has remained unmoved.
By maintaining a surplus, Saladino, who is running for reelection, said the town is able to boost its credit rating. Standard & Poor’s has boosted the town's rating to AA-, effectively reducing the cost for borrowing money for town projects.
The town’s debt, Saladino said in a letter to constituents about the proposed budget, has been lowered by more than 25% since he took office.
The town refinanced debt in recent years to lower interest rate options, said Jeffrey Pravato, Oyster Bay's receiver of taxes.
“We refinanced those bonds, saving the taxpayers millions of dollars,” Pravato said at the Oct. 3 meeting.
But a top Democrat suggested town Republicans still could exert more responsible spending.
Jay Jacobs, Nassau County Democratic chairman, said Oyster Bay “has a long history of taking care of its Republican leaders,” adding that practices like fully paying for town officials' vehicles is an example of wasteful spending.
Ken Girardin, research director for the Empire Center for Public Policy, said Oyster Bay's practice of keeping the tax levy flat in recent years essentially amounts to a tax cut because of inflation, potentially creating longer-term concerns.
"Ultimately, town officials need to match revenues with expenses, and keeping a levy flat could prove difficult, especially as personnel costs rise," Girardin said.
Town of Oyster Bay officials are touting a $338.4 million proposed budget for 2024 they say would boost spending and government salaries while leaving taxes unchanged for the sixth consecutive year.
The preliminary spending plan is a 5.7% increase compared to $319.9 million adopted budget for 2023 and will face a vote on Tuesday after a budget hearing.
“The budget continues to sustain the $1.3 million property tax cut approved by the town board back in 2018,” said Supervisor Joseph Saladino during an Oct. 3 town meeting.
That put more than $9 million in overall savings "back in the pockets of taxpayers rather than the coffers of government," he added.
Spending has climbed under Saladino, rising 19.1% since the $284.1 million budget he acquired in 2017 after former Supervisor John Venditto resigned amid corruption charges.
Salaries, for example, have risen 30% — from $77.1 million in 2017 to $100.2 million in the preliminary 2024 budget.
Meanwhile, Saladino said the town has reversed the $44 million deficit it faced before a 11.5% tax hike in 2016 that was intended to eliminate the accumulated shortfall. The rise helped create an annual surplus.
The town’s 2020 audited financial statements indicated the deficit was lowered to $23.4 million by the end of 2016 after the tax bump.
The town now has built up an $88 million surplus, according to Saladino, who lowered the property tax levy by 0.5% in the 2018 budget, which since has remained unmoved.
By maintaining a surplus, Saladino, who is running for reelection, said the town is able to boost its credit rating. Standard & Poor’s has boosted the town's rating to AA-, effectively reducing the cost for borrowing money for town projects.
The town’s debt, Saladino said in a letter to constituents about the proposed budget, has been lowered by more than 25% since he took office.
The town refinanced debt in recent years to lower interest rate options, said Jeffrey Pravato, Oyster Bay's receiver of taxes.
“We refinanced those bonds, saving the taxpayers millions of dollars,” Pravato said at the Oct. 3 meeting.
But a top Democrat suggested town Republicans still could exert more responsible spending.
Jay Jacobs, Nassau County Democratic chairman, said Oyster Bay “has a long history of taking care of its Republican leaders,” adding that practices like fully paying for town officials' vehicles is an example of wasteful spending.
Ken Girardin, research director for the Empire Center for Public Policy, said Oyster Bay's practice of keeping the tax levy flat in recent years essentially amounts to a tax cut because of inflation, potentially creating longer-term concerns.
"Ultimately, town officials need to match revenues with expenses, and keeping a levy flat could prove difficult, especially as personnel costs rise," Girardin said.
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