Village of Bayville Removed From NYS Comptroller's List of Fiscally Stressed Villages

Bayville, New York (July 22, 2015) – The Village of Bayville Board of Trustees recently announced that Bayville has been removed from the New York State Comptroller’s list of fiscally stressed villages as a result of numerous steps the Board has taken to improve Bayville’s financial standing. The Village’s fiscal stress has gone from a score of 65.4% to a score of 30%, indicating a change in status from “significant fiscal stress” to “no designation.” A leading factor in this change is the fact that on April 1st, the Village of Bayville refinanced $3.2 million in long-term debt, resulting in approximately $300,000 worth of savings to residents. As a result, the Village has successfully maintained its current Moody’s debt rating of A1.

“We have made restoring the Village’s financial health a priority,” said Mayor Paul Rupp. “The fact that the Village was able to reduce its fiscal score and its subsequent removal from the New York State Comptroller’s list of fiscally stressed villages is tangible evidence of the great strides made by our administration.”

The Village of Bayville recently received grant funding of more than $94,000 from the New York State Department of Environmental Conservation under the Municipal Waste Reduction and Recycling State Assistance Program to acquire a new KANN Versa-Haul recycling truck and 3,000 units of 20-gallon recycling cans to enable and promote convenient recycling for Village residents. The new recycling initiative is expected to result in increased savings in municipal solid waste disposal costs and help promote a greener, more environmentally friendly Village.

“The actions the Board is taking are crucial to the Village’s long-term success,” said Deputy Mayor Joe Russo. “Each decision the Board makes is centered around building financial stability and a healthier environment. Our goal is to create a better quality of life for current and future Bayville residents.”

The Village of Bayville has also implemented a series of changes to control expenditures, including developing and competitively bidding out alternate sources of procurement, negotiating a five-year Civil Service Employees Association (CSEA) union contract and preparing the budget within New York State’s two percent tax cap.

For more information about the financial standing of the Village of Bayville and its recycling initiatives, please contact the Village by calling (516) 628-1439 x120.