The Town of Oyster Bay unanimously approved a $342 million budget for 2025, which freezes taxes for the seventh consecutive year.
The budget has increased by $4 million since last year, which will go towards employee medical benefits.
“This budget continues to sustain the $1.3 million property tax cut approved by the Town Board for 2018,” said Town Supervisor Joseph Saladino.
“That means $10.4 million will be back in the pockets of taxpayers rather than in the coffers of government,” he said.
Saladino said the budget is possible due to the town board’s recent spending restraints, efficiencies and debt reductions.
According to Rob Darienzo, the town’s director of finance, the approved $342,846,303 budget is very similar to the 2024 budget, which was approximately $339.5 million.
“Spending is up roughly $4 million, which is roughly 1%,” Darienzo said. “And that’s in the area of medical benefits.”
Darienzo said the town expects a 7% to 10% increase to employee medical benefits.
“We’re budgeting a $4 million increase in 2025 for this purpose, which is the entirety of the increase that’s shown in our budget,” he said.
“We’re very proud to provide to our employees, they get a fair salary, and they get the best benefits that money can buy,” Darienzo said.
The town will spend almost $103 million on town salaries and about $78 million on employee benefits in the 2025 budget.
No residents spoke at the public hearings on the budget.
In a letter to the town, Saladino said Oyster Bay is “focused on helping residents fill jobs and sharpen their skills.”
Anti-tax, pro-job policies have attracted corporate businesses, as seen by the arrival of the 1-800-Flowers headquarters and Amazon distribution facilities, officials said.
“To be clear: this proposed budget continues to build on our overall operational and financial success,” Saladino said.
“So we cut taxes, we’ve been repaving the roads, redoing the fields, upgrading the parks, the bathrooms, replacing the streetlights, protecting all of your property, the town’s facilities,” Saladino said.
“And we’ve been able to do that by cutting taxes,” he said.
The town debt was $763 million before the Saladino administration, town officials said. The board has reduced that by $185 million, which is more than 24%, according to officials.
The 2025 budget will continue to pay down debt and proposes the largest debt reduction initiative in town history, town officials said.
Saladino said the 2025 budget aims to “enhance the suburban quality of life” in the town.
“From investing in roadways, parks, pools, beaches and the environment to combatting zombie homes and blights, the town board is making our community a better place,” he said.
The 2025 budget will invest in downtown revitalization initiatives, Saladino said.
“In Hicksville, nearly 190 new residential units along with retail and restaurant space are under construction at 99 Newbridge Road,” he said.
These units are part of a $111 million Alpine Residential Development project, he said.
Saladino said Hicksville’s downtown revitalization will see improvements to transportation, walkability and housing.
“These projects, along with the Metropolitan Transportation Authority’s $132 million investment in the Hicksville railroad station, will continue to transform Hicksville into a vibrant downtown,” he said.
The New York State Comptroller’s Office removed the town from its fiscal stress monitoring list in 2019, said town officials.
The town received an AA3 and AA- rating from Wall Street ratings agencies Moody’s Investor Service and Standard & Poor’s Global Ratings, respectively, according to the town. These ratings showcase fiscal strength, officials said.
“When you think about where we were in 2016, 2017, junk bond status,” Saladino said.
“We cut taxes, which is the opposite of what Wall Street wants you to do,” he said. “They want you to keep raising taxes to upgrade your credit rating, but instead we cut taxes and we froze them for seven consecutive years.”
Saladino said the town has produced budget surpluses over the past seven years through the board’s fiscal conservative budgets.
“The Town of Oyster Bay is delivering better services than ever before and we will continue to do just that while keeping costs at $144 a month for the average homeowner,” Saladino said.
