About

October 17, 2024, Hauppauge, New York

After a two-year absence from the capital markets, Suffolk County, New York hosted a successful sale of $164,415,000 Public Improvement Serial Bonds - 2024 Series A, earlier today. The bonds were sold at competitive sale and received bids totaling $1.973 billion from a dozen different banks and broker/dealers.

Following the sale, Suffolk County Comptroller John Kennedy commented “We were very pleased with the results of today’s sale. Investors showed strong support for our bond issue and the winning bid of 3.39% from Jefferies, LLC was even better than what was projected for an 18-year issue.” 

Kennedy added that credit rating upgrades earlier this year by both Fitch Ratings and S&P Global gave investors added confidence that the County had come through the pandemic stronger than ever.  Proceeds from the sale of the bonds will be used to fund over 200 projects, County-wide, including roads, sewers, parks, open space acquisition and other infrastructure improvements. The bonds are scheduled to be delivered to investors on October 30th.

Contact: Suffolk County Comptroller’s Office (631-853-5040)
John M. Kennedy, Jr., Comptroller

HAUPPAUGE, NY--Suffolk County Executive Ed Romaine announced Fitch Ratings has upgraded Suffolk County to an A bond rating, the second rating agency to do so since he has taken office. Fitch noted the County “implementing operating efficiencies” and “budgeting tax revenues more conservatively” as reasons for the rating boost.

“This sets the stage for future upgrades as we continue to budget responsibly while we ‘right-size’ government and deliver the services expected by the residents of Suffolk County,” said Romaine. “The rating increase will save millions of taxpayer dollars over the long term based on the County’s newfound ability to sell bonds at a decreased interest rate.”

The bond rating comes days after Romaine’s 2025 Proposed Operating Budget was submitted to the Suffolk County Legislature. In February, S&P Global Ratings upgraded Suffolk County’s general obligation (GO) bonds outstanding to AA- from A+ with a stable outlook.

Fitch’s decision is in part due to the “county's continued budgetary stability and maintenance of a sound reserve position,” which may eventually increase another fiscal metric employed by Fitch, the County’s ‘resilience assessment.’

According to Fitch, by reversing a past “trend of structural budgetary imbalances” and using non-recurring revenues, Romaine has put the County on a better fiscal footing, as reflected in Fitch Ratings’ decision to revise Suffolk’s ‘Rating Outlook’ to ‘positive’.

“The budget my administration has submitted ensures we will continue to see the County’s finances strengthen each year,” said Romaine. “I am focused on making Suffolk County safer and more affordable and to continue to be better positioned in the bond market.”

HAUPPAUGE, NY— After its unanimous passage, Suffolk County Executive Ed Romaine signed the first capital budget of his term. It includes funding for public safety, improving county infrastructure and upgrades for Suffolk County’s Board of Elections.

“With this budget, we can remedy problems long neglected by the prior administration,” said Romaine. “We prioritize upgrades to our critical infrastructure and delay noncritical projects to deliver results that are both impactful and fiscally responsible.”

Upon assuming office, the Romaine administration identified areas in need of investment, including cyber infrastructure still reeling from the 2022 cyber breach, neglected buildings, law enforcement and the vital upgrades needed at the board of election accommodate for Albany imposed even-year elections.

The signed 2025 Capital Budget is $535,014,841. Amendments made to the three-year capital program amount to $673,605 in savings.

“Our residents rely on our infrastructure for transportation, wastewater management and water quality, public safety and elections,” said Romaine. “With these investments, we can meet and exceed the expectations of Suffolk County residents.”

Highlights of the 2025-2027 Capital Program include:

• Sewage Infrastructure

  • $150 million for Carlls River-Wyandanch, Wheatley Heights and Deer Park sewer infrastructure
  • $150 million to expand the Forge River Sewer District
  • $139.5 million for upgrades for the Southwest Sewer District No. 3
  • $101.3 for Smithtown sewers

• Public Safety

  • $10 million for state-of-the-art tasers
  • $10 million for body cameras and accessories
  • $36 million for new public safety vehicles

• Bridges, Roads, and Transit

  • $33 million to repair and resurface county roads
  • $31 million NYS Route 110 Bus Rapid Transit (BRT), connecting LIRR stations at Amityville, Republic Airport, and Huntington
  • $25.1 million road safety improvement

• Information Technology

  • $12.9 million for fiber cabling, network protection, hardware replacement, and technological disaster recovery upgrades
  • $3.6 million for technology upgrades and digitization of records

• Quality of Life Projects

  • $41.6 million for improvements to the county parks, including campsite upgrades and park upgrades
  • $24.2 million for improvements and renovations for numerous county historical sites and museums throughout Suffolk County
  • $23.1 million for dredging, upland disposal restoration, and new dredging equipment
  • $22.5 million for Hike and Bike Master Plan

• Open Space Acquisition

  • $15 million for farmland preservation 

• Economic Drivers

  • $11.5 million for Mastic Beach Revitalization
  • $4.7 million for improvements at Gabreski Airport
  • $1.8 Suffolk County Downtown Revitalization Program

• Board of Elections

  • $34.8 million for new voting machines and other infrastructure.

“This is a budget the residents of Suffolk County can be proud of,” said Romaine. “Every step of the process was taxpayers first. It was the first budget delivered on time in over a decade. The Legislature had ample time for input, and every cent mattered.”