Oyster Bay plans to borrow $30 million Wednesday to address cash flow problems.
The town would not have enough money in its general fund or highway fund to pay employees in July if it didn’t borrow the money, according to cash projections in a town securities prospectus.
The securities, called Revenue Anticipation Notes and Tax Anticipation notes, are short-term borrowings that the town plans to repay with future tax collections and county aid.
Without the borrowing, the town’s general fund would have $224,000 in July but expenses of $5.1 million. The town’s highway fund would have $112,000 but expenses of $1.7 million.
Part of the cash flow problem stems from a dispute with Nassau County over tuition aid for residents attending the Fashion Institute of Technology. The county has withheld $7.4 million of sales and use taxes from the town as the case is in state Appellate Court.
The town plans to repay the debt in March.
Oyster Bay’s credit rating has dropped six notches to A-minus since 2011 when Standard & Poor’s gave it the highest possible rating, AAA. The downgrades were in response to the town’s deteriorating finances and failures to adjust its budget to offset declining revenues, the agency noted.
— TED PHILLIPS
Event tonight for vets of Mideast wars
Dowling College and veterans organizations Wednesday will host an event for veterans and their families about developments in Iraq.
Titled “What’s Up with Iraq? Checking in with OEF/OIF/OND Veterans,” the event is focused on those who served as part of Operation Enduring Freedom, Operation Iraqi Freedom and Operation New Dawn. The Veterans Health Alliance of Long Island and the Suffolk County PFC. Joseph Dwyer Project are co-sponsors.
A forum, facilitated by Dowling College political science professor Brian Stipelman, will be held along with small group discussions examining the new violence in Iraq. Also to be discussed are concerns about possible redeployment as the violence in Iraq escalates.
The event will take place from 6 p.m. to 8 p.m. at Fortunoff Hall at Dowling College, 150 Idle Hour Blvd. To register, call 631-244-3543/3455 or email email@example.com.
— DENISE M. BONILLA
Free concert with patriotic music
Independence Day celebrations start early in Bay Shore, with a free concert Wednesday night featuring patriotic music.
The Bay Shore-Brightwaters Symphonic Band, a group of about 70 volunteer musicians ranging from teens to senior citizens, will perform the first of four free summer shows tonight at 7:30 p.m. at the bandshell on Main Street between Park and Ocean avenues.
The band, which has performed for more than 15 years, will also play on Monday, July 9, July 16 and July 23.
“We’re extremely proud of them,” said Donna Periconi, president of the Bay Shore Chamber of Commerce, which helps sponsor the concert series along with other contributors.
Wednesday’s concert will feature a salute to the Armed Forces and concludes with a rendition of “The Stars and Stripes Forever” by John Philip Sousa.
Attendees should take a lawn chair or a picnic blanket, officials said. For more information, call the chamber at 631-665-7003.
— SOPHIA CHANG
Village board to vote on capital funds
The Port Jefferson Village Board will hold a special meeting Wednesday to vote on allocating capital budget funds for projects such as road and roof repairs.
The board plans to meet at 3 p.m. at Village Hall, 121 W. Broadway.
Mayor Margot J. Garant said the board will vote on authorizing $350,000 from the village’s capital budget to repair roads.
The board also plans to release capital funds for projects to repair village tennis courts, upgrade air-conditioning at Village Hall and replace roofs at village buildings, Garant said.
— CARL MACGOWAN