Oyster Bay Town Board OKs 2023 budget that freezes taxes
Oyster Bay Town Supervisor Joseph Saladino on Dec. 21, 2021, in Syosset. Credit: Howard Schnapp
The Oyster Bay Town Board last week unanimously adopted a $319.9 million budget for 2023 that keeps taxes flat while increasing spending.
The budget, which passed 7-0, continues a trend of increased spending on worker salaries, rising to $97.2 million, a $3.8 million increase over the current year.
“This is the sixth budget without a tax increase,” Town Supervisor Joseph Saladino said at the Oct. 25 Town Board meeting. “If you look at your tax bill, you shouldn't see an increase because the town doesn't collect more from the residents.”
The town’s overall tax levy will be unchanged at $232.9 million, according to budget documents. The overall levy is composed of multiple levies that apply to different properties, depending on their location. The tax levy on properties in the public parking district is set to go up to $9.8 million, a $1.3 million increase. The levy on solid waste disposal will fall to $13.4 million, a $3.4 million decrease. The general fund levy, which hits all taxable properties, will be unchanged at $59.1 million.
The number of full-time town employees has decreased slightly, falling to 1,012 as of Jan. 1, 2022, from 1,025 a year earlier, according to the town’s most recent borrowing prospectus.
Town spending on outside legal fees is expected to stay flat at $2.5 million.
The town has seen a steady series of credit rating increases in recent years after bottoming out to junk bond status in 2016. Standard & Poor’s last year upgraded the town's credit rating to A+ and Moody’s Investors Service in August upgraded the town’s debt to A1 with a stable outlook. Higher bond ratings mean the town can borrow at lower interest rates for capital projects. The rating increases have been due in part to the town’s elimination of operating deficits and buildup of operating surpluses.
