The village of Saltaire was moved three notches to A-plus with a stable outlook from BBB-plus with an upgrade last week from Standard & Poor’s.
The upgraded the beach community with a permanent population of 49 based on strong wealth and income levels, high tax collections and good financial management. The village is on Fire Island, a favorite beach retreat for denizens of New York City looking to escape from urban living. Its summer population swells to about 2,000.
“The stable outlook is based on our expectation that the village will maintain its strong financial position due to stable property tax collections coupled with modest expenditure requirements,” Standard & Poor’s credit analyst Nisha Dickson said in a press release. “We also expect that strong wealth and income levels will continue to add stability to the rating.”
The village has slightly less than $4 million of debt outstanding and is expected to do some small capital projects over the next two years, including road improvements and building renovation that would be partially funded by grants.