The Town of Smithtown has received confirmation that it will hold its AAA bond rating, reporting a stable outlook for the fiscal year 2019. Highlights from the report included Smithtown’s minimal debt and pension burden, strong fiscal management, ample reserves and liquidity and a large, diverse tax base.
“I want to personally thank our Comptroller Donald P. Musgnug, his remarkable team and the town’s bond consultants for the tireless commitment to maintaining Smithtown’s fiscal strength. Because of their dedication, this bond rating will play a vital role in funding $9.3 million in Capital projects throughout the town.” - Supervisor Edward R. Wehrheim
According to Moody’s Smithtown’s future tax base growth will likely come from development of downtown hamlets and the commercial/retail sectors with approximately *1.4 million square feet of commercial space either pending, approved or nearly completed. Like many towns on long island, the town is looking to keep the younger generations local by focusing residential development on condos and apartments, citing 450 condo projects currently at various stages of development.
(As of Present Day there is 2.1 million square feet of commercial space either pending, approved or nearly completed)
Public Capital Improvements slated for 2019 include a two year total renovation of Flynn Memorial Park, upgrades to beautifying the Senior Center Campus (Animal Shelter, Fire Training Center) replacing the water main and electric infrastructure, investments in cyber security, modernizing playgrounds, parks and spray parks in addition to improvements at Smithtown Landing Country Club and the Town’s Marina