John M. Kennedy Jr., Comptroller
Suffolk County Investor Relations
Suffolk County Investor Relations
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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
Public Safety
Bridges, Roads, and Transit
Information Technology
Quality of Life Projects
Open Space Acquisition
Economic Drivers
Board of Elections
“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.”
HAUPPAUGE, NY— Suffolk County Executive Ed Romaine today delivered his first State of the County Address, laying out his four-year vision to rebuild Suffolk County safer while summarizing his administration’s accomplishments in his first 100 days of office. The County Executive addressed the Suffolk County Legislature and public officials at the Rose Caracappa Auditorium in Hauppauge.
Top priorities of the administration include strengthening municipal finances, public safety, improving county facilities, cyber security, prioritizing public works projects and enhancing infrastructure and social services reform.
“When I took office, I stated that this administration would be rooted in the values of hard work and accountability so we can build a future that is safer and more affordable for Suffolk County,” said Romaine. “We have already taken significant steps since January 1 that serve as cornerstones of this administration, with much more to come.”
Highlights of County Executive Romaine’s 2024 address include:
Strengthening County Finances:
In 2024, S&P Global Ratings upgraded its long-term rating and underlying rating (SPUR) on Suffolk County’s general obligation (GO) bonds outstanding to 'AA-' from 'A+’ with a stable outlook.
In addition, the County reached an agreement with the Suffolk Coalition of Public Employees to extend health care benefits for employees, saving $100 million over a five-year period.
The county executive also announced a new Centralized Grants Office to make sure Suffolk County gets its fair share of state and federal funding.
Romaine also vowed “to not submit a budget a budget that exceeds the state-mandated 2% property tax cap.”
Investing in & Prioritizing Public Safety
County Executive Romaine announced in January new leadership for the Suffolk County Police Department: Acting Police Commissioner Robert Waring, Kevin Catalina as Deputy Police Commissioner and Belinda Groneman as Deputy Police Commissioner.
The County Executive also announced the addition of more than 200 members of law enforcement and enhancements for public safety, including funding for new public safety vehicles and body cameras.
Romaine also highlighted changes made in the county’s Traffic and Parking Violations Bureau (TPVA), which improve operations and help ensure fairness to those who must come before traffic court.
Improving County Facilities
County Executive Romaine is committed to improving unmaintained county facilities as part of an approach to enhance constituent affairs and improve employee morale. The County Executive announced his intent to seek alternatives and potential renovations for Suffolk County Police Headquarters, H. Lee Dennison Building, the Medical Examiner’s Office Building and more.
Re-Acquisition of John J. Foley Property in Yaphank
Suffolk County announced the intent to re-acquire the former John J. Foley nursing home property in Yaphank, citing significant cost savings. The County intends to use the facility to ensure compliance with New York State’s criminal justice laws related to juvenile and adolescent offenders.
Cyber Security
Suffolk County is still recovering from the crippling 2022 cyberattack that hindered municipal operations and compromised sensitive information. County Executive Romaine ordered the full audit of spending related to the attack, announced the hiring of John McCaffrey as Chief Information Officer/Department of Information Technology Commissioner and committed additional resources to ensure enhanced security measures.
Public Works and Enhancing Infrastructure
The County Executive’s proposed $489 million capital budget rebuilds Suffolk’s infrastructure, sewers, parks, and roadways. The proposed budget invests in capital projects, prioritizes new and upgraded sewer projects and improvements to roads, bridges and transit. This also includes $106 million for sewer projects and $120 million for improvements to roads, bridges and transit.
Reforming Social Services
Suffolk County has taken immediate and swift action to reform the Suffolk County Department of Social Services. In April, County Executive Romaine named Dr. John Imhof as the new Commissioner of the Department of Social Services, working under Deputy County Executive Dr. Sylvia Diaz. The leadership changes come in the immediate aftermath of a special grand jury report about the handling of the case of 8-year-old Thomas Valva, who died in 2020. In addition, the County Executive is committed to filling hundreds of vacant positions and reform processes within the department, leading to more efficient services.
Protecting the Environment & Preserving Open Space
County Executive Romaine announced his commitment to environmental preservation along with open space preservation and farmland protection. The County Executive recently appropriated $15 million to preserve farmland. Since taking office, nearly 100 acres of farmland and open space throughout the County has been preserved with additional acquisitions planned later in the year.
HAUPPAUGE, NY—Suffolk County Executive Ed Romaine submitted the first capital budget of his term in office today. It is the first time in four years the capital budget has been submitted on time. It includes funding for public safety, improving county infrastructure, upgrades and investment for Suffolk County’s Board of Elections.
“This budget addresses issues long neglected by the prior administration,” said Romaine. “County infrastructure—especially many buildings and other facilities—are in pitiful condition. The county’s IT infrastructure has still not recovered from the 2022 cyber breach, law enforcement needs additional resources, and we must make upgrades at the Board of Elections to ensure accurate, fair elections and prepare for the new even-year election law in New York State.”
The proposed 2025 Capital Budget is $488,760,526 and was submitted to the Suffolk County Legislature on April 15, 2024. The Legislature will review and suggest changes. The budget will be adopted after it is approved by the Legislature and signed by the County Executive. It is expected to be finalized in June.
“This budget represents a smart investment into our infrastructure and county operations that will continue to make this county safer and more affordable,” said Romaine.
The budget also includes significant investments for the Board of Elections for state-of-the-art voting machines to ensure election integrity.
“Changes in election law and questions in other areas regarding election fraud have caused us to move quickly to upgrade our systems and ensure fair and accurate election results in Suffolk County,” said Romaine.
Highlights of the 2025-2027 Proposed Capital Program include:
Sewage Infrastructure
Public Safety
Bridges, Roads, and Transit
Information Technology
Quality of Life Projects
Open Space Acquisition
$15 million for farmland preservation
Economic Drivers
Board of Elections
“I am proud of this budget,” said Romaine. “Every aspect, every dollar, benefits the taxpayers of this county. We are moving forward, preserving this county’s assets, improving quality of life and keeping our streets safe. We are doing the work that the people expect from its government.”
(Chicago, Illinois) – Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the County of Suffolk for its annual comprehensive financial report for the fiscal year ended December 31, 2022. This is the 40th consecutive year that Suffolk has earned such a prestigious award.
According to the GFOA, “The Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The report has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the report.”
The Honorable John M. Kennedy, Jr. stated, “I am fortunate to have such a committed, extremely knowledgeable and highly professional staff! This recognition of their accomplishments is well deserved. It is an honor for the Suffolk County Comptroller’s Office to receive this award for the 40th year in a row!”
Suffolk County Executive Ed Romaine today announced S&P Global Ratings upgraded its long-term rating and underlying rating (SPUR) on Suffolk County’s general obligation (GO) bonds outstanding to 'AA-' from 'A+’ with a stable outlook.
“This is great news and the first of what we hope to be several upgrades as we work to make Suffolk a safer and more affordable place to live,” said Romaine. “We will continue to work with our colleagues in the Suffolk Legislature and the Suffolk County Comptroller to streamline government and improve services while continuing this forward momentum.”
“The upgrade reflects ongoing improvement to the county's financial position. Despite economic headwinds to the county's financial profile, Suffolk County is in a much stronger financial position to maintain higher reserves and structural balance,” said S&P. “The combination of stronger financial management and financial performance, the historic level of reserves and budgetary flexibility, a sizable affluent economy that is more resilient than in years past, and a manageable debt burden are factors that align with a high-investment-grade rating.”
“This latest credit upgrade for Suffolk County highlights the conservative budgeting practices of the Republican majority over the last two years,” said Presiding Officer Kevin McCaffrey. “Through conservative budgeting and making prudent use of one-time federal ARPA funds has put Suffolk County on a firm financial footing for the first time in 15 years. The SC Legislature will continue to work with County Executive Romaine to insure the long-term financial future of Suffolk County.”
Suffolk County Legislature Minority Leader Jason Richberg said: "Over the past 2 years the legislature has made a concerted effort to help strengthen the county's financial stability, and today's announcement is a big step in the right direction. I look forward to continuing our bipartisan push to keep on the fiscally sustainable path we've laid."
“The rating further reflects our opinion of the county's robust local economy, characterized by very strong per capita taxable market values, very high residential incomes, and new developments supporting economic growth prospects,” said S&P. “Better budget policies and practices that have reduced reliance on revenue growth and onetime measures to balance budgets, and ample budgetary flexibility to provide officials headroom to make timely revenue and expenditure adjustments when economically sensitive revenues underperform.”
“We will continue to be fiscally conservative and build more efficiency into Suffolk County government,” said Romaine. “The taxpayers put their faith in us to budget wisely and protect their dollars. That is what we are doing.”
