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Weigh in on Bond Rating

Reports indicate that the Town of Oyster Bay's bond rating is dropping. What does it mean.

The town of Oyster Bay received an economic setback, with the report this week that Standard and Poors has downgraded their credit rating.

The rating service has dropped the town from AA to a, meaning that Oyster Bay may have to borrow money at less desirable interest rates.

Newsday reported the town had an estimated general fund balance deficit of $655,000 last year and was planning to sell bonds to cover a $13 million shortfall this year.

But the town's 2012 budget did not include a tax increase.

We want to know what you think of all this and how the lowered bond rating will affect the town.

Take our poll below and weigh in with your comments.

tony June 08, 2012 at 03:48 PM
It is a travesty that we ignore the saleries and benefits of PATRONAGE positions in our County and Town governments while we complain about the benefits and salaries of public, civil service workers and teachers.There are several web sites (see through NY and others) where you can see the distinction between the 4% and 5% increases in wages of Patronage employees over the past 4 recession years and the minimum increases of civil service workers. However who will lose their jobs? Civil service employees as has been the practice shown by the County. Spend and borrrow sounds like a Democrat in charge however it is a Republican course of action in TOB
Phil Healey June 08, 2012 at 06:15 PM
That is a typical comment that provides no leadership or resolutiuon. Perhaps if we recall even the US government under the current leadership had its bond rating dropped. Civil Service workers have a agreed upon contract that is multi years. TOB has been doing very well to provide all the special items the residents request , maintain a solid tax base and keep a great quality of life. That all translates in a higher assessed value for your home, which means it is worth more than others outside the town, meaning you can sell for a higher value or borrow aganist it. Perhaps it is time for creativity in productivity and addtional revenue via user fees.
tony June 08, 2012 at 08:51 PM
Spoken like a true politican. Assesesed values have been lowered by Nassau County to avoid further tax refunds. BIg Bank mortgage gambling failures, recession, and foreclosures. have wiped out homeowners. Stop spreading manure.
Joe June 11, 2012 at 04:08 PM
Is this issue any wonder? 2012 TOB reserve funds shrinks by over $20,000,000.00, leaving less than $400,000.00 in the fund. Thank God we had a mild winter! TOB hired a public safety adviser for another $50,000.00. And most recently the announcement of the towns pursuit of Gus's Marina property to expand the abandoned Alhambra Beach. If your asking us for leadership may I suggest returning one of the last remaining commercial waterfront properties on the south shore of TOB to the commercial tax rolls as income producing property. Many residents want that! The towns insatiable appetite for park lands comes at a very high expense, and can not be sustained financially. And lets stop giving away health insurance to retiring employees with less than 20 yrs! Be assured, we the people have our eyes wide open. The support that we have given many incumbents in the past is not a guarantee any longer. I hope you hear the foot steps approaching. Its time to right the ship, or you will be high and dry this coming November.
Dick Blair June 11, 2012 at 07:16 PM
The $700 billion banking industry bail out...the $50 billion GM bail out...the Chrysler bail out...Fannie Mae / Freddie Mac $400 billion... Bailing out Spain...Greece...Italy...Portugal! The list goes on and on... Town of Oyster Bay? Z-z-z-z-z-z-z

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