Islip Board Unanimously Approves Much Needed Improvements to Marinas and Docks

The Islip Town Board passed a bond resolution that authorizes the Town to begin much needed construction at Town marinas and docks to finally come to fruition.

“I’m appreciative of the members of the Town Board, for having the foresight to recognize that this is a prudent and opportune time to advance these much needed improvements to our infrastructure. I am also encouraged that the funding was approved unanimously,” said Supervisor Angie Carpenter. “The Bay Shore Marina project specifically, which began over a decade ago, will finally be realized, along with improvements to other areas in the Town,” she added.

Right now the Town enjoys the highest possible bond rating that a government can achieve, Aaa, allowing the Town to borrow at very favorable market interest rates. Moody’s Analytics last month reaffirmed the Town’s Aaa bond rating for the second consecutive time. The rating reflects Islip’s strong credit profile, including a sound financial position, a large tax base poised for future growth, above-average wealth indicators, and manageable debt. The investor service also noted in its reassignment, Islip’s sound financial stewardship will continue, given management’s commitment to maintaining financial flexibility. Islip generated operating surpluses in the General Fund, including a $1.2 million surplus in fiscal 2016.

The Federal Reserve Chairman recently announced that there would likely be an interest rate hike in December, and, “economic forecasts show an expectation for three more rate increases in 2018,” as reported recently in Newsday.

“Working with Commissioner Owens and the Department of Public Works, we were able to reduce the anticipated costs of the Bay Shore Marina Project. Having the extra funds available provided the opportunity to add Bayport Beach Breakwater Reconstruction and dredging of Homan’s Creek to the bond. This was done without increasing the amount of borrowing, and allows for the completion of two important projects within the Town of Islip,” said Town Councilwoman, Mary Kate Mullen.

“It’s very exciting that we’re taking the needed next steps to complete the work at the Bay Shore Marina. This was one of my first projects as Islip Town Councilman. We completed the bulk heading, the spray park, and the walkable promenade. This is the final leg in making the Bay Shore Marina the jewel of the South Shore,” said Councilman Steve Flotteron.