Politics & Government
Oyster Bay OK's 2014 Spending Plan
Total budget drops slightly from 2013; tax levy increases by nearly 9 percent.
By a unanimous vote, Oyster Bay's Town Board approved its $277 million 2014 budget Tuesday, a spending plan that basically maintains costs but increases the amount of money to be raised by the tax levy.
The $276,754,036 spending package is down 0.1 percent from last year's budget. The tax levy, however, is $197,316,231, nearly $16 million, or 8.8 percent over the 2013 tax levy.
In a statement, Supervisor John Venditto said the budget "will put the Town of Oyster Bay in strong financial position and that is also expected to ultimately result in higher bond ratings, which translates into lower borrowing costs."
Venditto said the budget calls for a "moderate increase in local property taxes" that will serve to stabilize the town’s finances "following years of fiscal challenges brought on by the national recession"
The supervisor said the town was addressing the need for recurring revenue cited by the state comptroller's office and believes the rating agencies will respond to the town's move with more favorable bond ratings.
Venditto said the 2014 spending plan is a "cost-efficient budget that enables town departments to effectively provide services and the budget represents only about 12 cents on residents' tax dollars."
The August referendum to sell the public works complex in Syosset for $32.5 million that was approved by voters was applied largely to current year expenses, Newsday reported.
The town is carrying over a surplus of $7 million into 2014. The town received $30 million immediately with the rest to be paid when the town vacates the land, Newsday said.
Find out what's happening in Farmingdalewith free, real-time updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
