The Oyster Bay Town Board has appointed a veteran state lawmaker to lead New York State's fourth largest township, three weeks after the resignation of longtime supervisor John Venditto.
Assemblyman Joseph Saladino, R-Massapequa, was installed Tuesday as new supervisor of the large Long Island municipality located in Nassau County. Saladino, who spent 13 years as a Republican in the Democratic-controlled assembly, takes over a town that has seen its credit rating drop to junk territory after years of fund balance deficits. Venditto, who was first elected supervisor in 1998, resigned his post on Jan. 4 after the Republican was indicted last fall on federal corruption charges.
"We will make town government live within its means, while continuing to deliver top-notch municipal services," said Saladino in a statement. "Working together, we can move Oyster Bay in a new direction and build a proud future, a future built on the foundation of the highest standard of ethics, strong hands-on management and rock solid fiscal practices."
S&P Global Ratings slashed Oyster Bay's credit rating two notches to junk-level BB-plus in April citing weak financial management that led to negative fund balances. Moody's Investors Service withdrew the town's previous A3 bond rating last year after it failed to provide updated audited financial statements.
Last week, Moody's assigned a Baa3 rating, the lowest in the investment grade category, ahead of a $29.4 million bond sale citing a fund balance deficit that rose 15% in 2015 to $73.7 million due largely to "poor budgeting practices."
Saladino will face an election for a full two-year term as supervisor in November. The Democrats have not named a candidate yet to oppose Saladino.
