Murray and Santino Announces No Town Tax Increase Budget Cite Hempstead 's Strong Finances (6/10/05) 

Boasting the highest Wall Street credit ratings of any town or county on Long Island, Hempstead Town will bolster its taxpayer-friendly reputation when Supervisor Kate Murray and Senior Councilman Anthony Santino propose a "tax freeze" budget later this year.

“Residents should be happy to know that at least one level of government isn’t raising their property taxes in 2006,” Councilman Santino declared.  “I want to applaud Supervisor Kate Murray for the outstanding job she’s done managing the town’s finances so that we can deliver this much needed tax relief to Hempstead residents.”

" Hempstead Town has earned the respect of Wall Street, year after year," stated Murray upon learning of new ratings upgrades that place Hempstead Town several steps above Nassau and Suffolk Counties . "More important, however, is the fact that my administration continues to justify the trust that taxpayers have placed in it. I am proud to inform residents that Councilman Santino and I intend to present a budget later this year that freezes all town taxes."

Murray and Santino indicated that they would be able to present a "zero-increase" budget as a result of the town's aggressive efforts to control expenses and the municipality's conservative budgeting practices. Wall Street credit rating agencies substantiated the Supervisor's position.

Moody's Investor Services has recently stated that the town "…has a track record “of strong financial operations…" The agency also has acknowledged the town's dedication to reducing expenses. Standard and Poor's rating agency has observed, "the town maintains tight fiscal controls, and monitors expenses and revenues monthly."

"Unlike some other governmental jurisdictions, we have crafted budgets in a conservative manner to provide for prospective economic downturns," pointed out the Supervisor. "We have also aggressively controlled costs by offering retirement incentive programs and by performing certain tasks 'in-house', at significant savings over private sector contractors."

Murray and Santino went on to point out that the town's top credit ratings also contributed to the administration's ability to hold the line on taxes. In fact, Hempstead Town has just received two Wall Street credit rating upgrades in one week, positioning Hempstead as the highest ranked of any town or county on Long Island . As a result of the superior ratings, Hempstead Town receives lower interest costs on refinancing debt and borrowings. "Our town is currently realizing over $1 million in savings on one refinancing," announced Murray . "Over the course of several financial transactions, the savings add up to millions of dollars for taxpayers."

Councilman Santino went on to point out that Hempstead has a long-term track record of keeping property taxes in check.  “We don’t play budget games in Hempstead , where we raise taxes through the roof in the first year of an administration and then brag about hold the line in following years.

The Councilman specifically pointed to Nassau County , which raised taxes in excess of 40 per cent from 2000 to 2002, followed by election year motivated no tax increase budgets in the following years.

“ Hempstead Town has done a remarkable job keeping the lid on property taxes.  Residents of incorporated villages have experienced just one town tax increase in the last eleven years.  In the unincorporated areas (which receive a wider range of essential services directly from the town) taxes have been held down to just a 3 per cent annual increase over the past eight years,” Santino concluded.