Op-Ed by County Executive Ed Romaine
Suffolk County’s positive credit rating was reaffirmed by S&P and Fitch Ratings at ‘AA-’ thanks to the long-term budgeting decisions we have made since 2024. The result is increased borrowing power at a lower cost to the county, and, in turn, lower costs to taxpayers.
Additionally, we also received a two-fold improvement in ratings for our outstanding bonds by Fitch, which further demonstrates the progress we have made.
The market has faith in our ability to pay our debts – debts which fund roads, bridges, sewering and other vital infrastructure – and accordingly lends money to us at a lower interest rate. The lower the interest rate, the cheaper the loan, the more affordable it is for taxpayers and the county to maintain vital public infrastructure.
Our conservative approach to budgeting means we stick within the tax cap, do not overestimate revenues and treat every penny with care. The ratings agencies cite “sustained improvements in liquidity, growing reserves, and responsible long-term budgeting” as reasons for the increase and affirmation.
Since taking office in 2024, our county’s fiscal situation has stabilized and improved, resulting in enhanced credit ratings and a more positive economic outlook after years of financial challenges. Leveraging our higher ratings makes it easier for my administration to implement our plan for a safer and more affordable Suffolk County.
Positive ratings did not come at the expense of vital services. In fact, by better allocating existing positions and filling vacancies that the previous administration budgeted (and spent) for, we were able to decrease wait times in DSS, increase the number of uniformed police officers and detectives, while ambitiously pursuing clean water and downtown revitalization.
Our residents who rely on the Supplemental Nutrition Assistance Program (SNAP) are no longer waiting for months for their application to be processed. Likewise, residents calling 311 no longer have hours-long wait times.
Unlike Suffolk County’s disciplined budgeting, unfunded mandates from Albany raise municipal costs. That’s why I work with state and federal representatives to secure Suffolk County’s fair share of funding.
I am particularly concerned that public transportation dollars are not reaching Suffolk County. Suffolk County only receives $40 million in state aid from New York State for public transportation. Nassau County, despite having a comparable population and being one-third of the size geographically, receives $110 million from Albany.
Roadway funding is another category that warrants concern. The Long Island region used to account for over a quarter of state roadway funding. Today, that number is 8% for the region.
With a long-term perspective, my goal is for this county to receive an ‘AAA’ credit rating, allowing us to continue pursuing our capital program while passing on savings to taxpayers. I know it is a realistic goal, as I was able to achieve the same feat as Supervisor of the Town of Brookhaven.
Our challenges require leadership, but with prudent, disciplined decision-making, we will continue to deliver results for our county.