By John M. Kennedy Jr.
As county comptroller, I am pleased to announce that on Oct. 23, Suffolk County successfully sold $188.735 million in tax-exempt bonds to fund our ongoing capital improvement program. The sale generated impressive demand, enabling the county to achieve its lowest borrowing rate in several years. Investors showed strong support for the bonds, as evidenced by bids totaling $1.5 billion, with Jefferies LLC submitting the winning bid of 2.96 percent.
This was a triumphant sale, with great results for our taxpayers. Strong investor confidence in the county’s credit and fiscal management helped us secure these favorable financing terms. Over the past 11 years I have seen firsthand how the maintenance of high-grade, high-quality ratings translates into substantial interest rate savings across both long and short-term financings.
Suffolk’s bond ratings have steadily increased over time due to our powerful credit profile and sound financial practices. In August 2021, both S&P Global Ratings and Fitch Ratings assigned the county BBB+ ratings. By October 2025, our ratings climbed to AA- by both agencies. This upgrade reflects our improved financial health, responsible budgeting and historic levels of reserves.
Another contributing factor to this success was the 2024 launch of the county’s first-ever Investor Engagement Webpage, developed in partnership with BondLink. It aids municipal issuers and improves communication. This innovative platform enhances transparency by providing investors, credit agencies and market participants with centralized access to comprehensive financial data. It features real-time bond market information, interest rate curves, research and commentary, while also serving as a hub for Investor Roadshows, enhanced disclosure and debt management tools. To find out more, please visit the Suffolk County investor relations website, suffolkcountynyinvestorrelations.com.
During my tenure, I have also refinanced roughly $958 million in outstanding debt, resulting in $60.1 million in cumulative interest savings. The interaction with the debt markets is a critical function of the county comptroller’s office, and I continue to work closely with County Executive Edward P. Romaine to maintain fiscal stability in our communities. I strive to protect the financial well-being of Suffolk County by being both vigilant and transparent.
If you’ve ever heard me speak in person, my passion for being known as “your fiscal watchdog” is evident. Audience members sometimes recall me saying, “I’ll come after you for a nickel.” Of course, it’s said in good humor — but the message is clear. Every taxpayer dollar counts, and I will always work to ensure that Suffolk County remains on a strong financial foundation.
It should be noted that this year’s bond sale is larger than prior years. The proceeds will support key infrastructure investments that maintain and improve county facilities, roads and other public assets. Major allocations include:
Law enforcement and emergency services. Roughly $40 million is being issued for law enforcement purposes, including $10 million for replacement Tasers, $12 million for a replacement police helicopter, and $5 million for Fire Rescue and Emergency Services.
Culture and recreation. Approximately $10 million will support culture and recreation initiatives, including improvements to county parks, historic buildings, the ballpark and the Cedar Island lighthouse.
Education. Roughly $4.5 million is being issued for education-related projects.
Water quality and environmental improvements. Approximately $25 million will support water quality initiatives, including upgrades at county sewer districts, rehabilitation of Guggenheim Lake (Babylon/Islip), and remediation of Brownfield locations.
Community Projects:
$50,000 will finance improvements to Bergen Avenue Park in West Babylon.
$40,000 will fund planning for restoration of West Neck Farm (Coindre Hall) in the Town of Huntington.
$1.6 million is being issued for planning and construction of improvements to County Road 11 (Pulaski Road) in Huntington.
The county will return to the market in December with a tax anticipation note of approximately $400 million. I look forward to working with Romaine as we continue our campaign to rebuild Suffolk.
Thank you for taking the time to read this message. I sincerely appreciate your support, and wish you and your families a happy and peaceful holiday season.
John M. Kennedy Jr. is Suffolk County comptroller.
