Despite rising costs and crippling inflation across the United States, Supervisor Don Clavin has proposed a 2023 town budget that freezes taxes while maintaining all town programs and services. This spending plan marks the 3rd straight year that taxes have been cut or frozen under the leadership of Supervisor Clavin and comes on the heels of Hempstead Town’s credit rating being upgraded to Aaa, the highest rate attainable for a municipality.
“As part of the 2023 Annual Budget, I am proud to announce that the Town of Hempstead is freezing taxes – a coordinated effort to ensure that residents will not be burdened with a higher tax levy from their township government,” stated Supervisor Clavin. “This tax freeze not only keeps more money in residents’ pockets, but it also helps taxpayers save for retirement, support their local communities by dining local and shopping local, or even open their own businesses here in America’s largest township. Indeed, I will always place the interests of taxpayers first, and that means respecting their wallets.”
Supervisor Clavin’s proposed budget totals $504.1 million, a less than one percent increase over the current year. This tentative financial plan keeps town spending well below the increases seen in other municipalities, all while ensuring township operations remain fully funded. Indeed, under the Clavin Administration, the Town of Hempstead has cut or frozen taxes over the past three years whilst keeping spending increases to a minimum – an impressive feat during a time dominated by a global pandemic, rising costs, and crushing inflation.
In addition to the proposed Hempstead Town tax freeze budget, Supervisor Clavin also announced the township’s receipt of a credit rating upgrade awarded by Moody’s Investors Service. The premier financial firm upgraded the Town of Hempstead’s credit rating to Aaa, the highest possible rating a municipality may receive. In establishing Hempstead Town’s rating increase, Moody’s cited the town’s “strong operational oversight” and “conservative budgeting” strategies as the reason for its “significantly improved financial position.” While the improved credit rating provides a source of great pride to residents, it also has positive real-world, financial benefits for America’s largest township. Indeed, the Town of Hempstead’s newly acquired credit rating affords the township enhanced interest rates on municipal bonds purchased by the town. In fact, the reduced interest rates are slated to save the Town of Hempstead over $500K in savings over the life of recently acquired municipal bonds – savings that enabled the town to freeze taxes and balance a budget with minimal increases.
Public hearings for the proposed town budget will be held on October 19th at 2:30 PM and 7 PM in the Nathan L.H. Bennett Pavilion at Hempstead Town Hall.
“These are certainly turbulent times for our nation with Americans from coast to coast struggling under the weight of rising costs, inflation, and an overall unsteady economy,” concluded Clavin. “I recognize the struggles of my neighbors who are weathering this uncertain economy, which is why we have taken great strides here at the Town of Hempstead to support residents with this tax freeze budget. I am confident this proposed 2023 budget will best serve the residents of America’s largest township, and I look forward to discussing it in further detail come October 19th.”