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The Real State of Nassau's Finances

George Maragos continues to mislead the public by falsely claiming that the county’s financial condition has improved on his watch. During Mr. Maragos’s tenure as Nassau County’s fiscal watchdog, the county has undergone three bond downgrades by the credit rating agencies, the county’s fiscal outlook has been lowered from “stable” to “negative,” and the county’s debt has reached a new all-time high. No amount of “cooking the books” and issuing misleading financial statements and press releases can hide this truth, a truth which can be easily verified by outside sources.

As a Certified Public Accountant and former Nassau County Comptroller, I can see through the blatant attempts by Maragos to cook the books to produce the result he wants instead of the result that is truthful. The problem is that voters are disillusioned by the back-and-fourth of political campaigns where one side makes one claim and the other side counters with the opposite take. If voters don’t know who to believe, they should look at what independent, outside sources have to say about the county’s finances.

If the county’s finances are so rosy, then why did the Nassau Interim Finance Authority (NIFA) have to impose tough oversight on the county’s finances? Ronald Stack, the chairman of NIFA remarked at a July 2013 meeting, “To the county officials who believe there is a surplus, would they please call me so I can hold an emergency meeting of the board so we can lift controls?” To date no one has called.

On Sept. 4, 2013 The Wall Street Journal published an investigative piece that highlighted how a controversial judge’s order sought by the Republican county attorney allowed the county to hide outstanding liabilities to turn its 2012 $45 million budgetary deficit into a surplus on paper. When pressed, the county attorney acknowledged that he “knew it would affect the budget.”

The editorial board of Newsday published a piece on June 12, 2013 with the headline, “Don’t buy Nassau’s financial window dressing.” In the editorial, Maragos was skewered when the editorial board stated, “…while the surplus is a fiction, the county’s financial woes are all too real. In the real world, and according to generally accepted accounting principles, the county had an $85-million deficit last year.”

Even if you don’t trust the collective wisdom of the chairman of NIFA, The Wall Street Journal, and Newsday, take a moment to consider what George Marlin, the 2009 chairman of Conservatives for Ed Mangano and a NIFA Board member had to say. Marlin said, “The County Comptroller’s declaration that Nassau ended fiscal year 2012 with a “miraculous” surplus (as claimed by Maragos) was absurd. It was a mirage, not a miracle.” Marlin continued, “Let’s face it, the County has forfeited its credibility when it comes to fiscal matters”

Maragos claims that the growing liability for property tax refunds has been addressed is totally unsupported. Just this week, on Sept. 8, 2013, Newsday reported that claims for refunds have reached an all-time high. The county policy of freezing home values in a declining housing market has made the problem worse. And granting 90 percent of the challenges have transferred the County’s liability to the backs of taxpayers.

Politics can be a tough business where people levy accusations back and forth to gain electoral advantage. The sad truth is that our county is in deep financial distress and instead of seeking solutions, people like George Maragos distort the truth and refuse to even acknowledge that a problem exists. It is necessary to restore confidence in the county’s financial reports before we begin the task of repairing the county’s finances.

News

April 19 fundraiser to be

held for baby with rare disease

Tom Onorato, the nephew and office manager of Dr. Joseph Onorato Garden City practice All Island Dermatology Plastic Surgery & Laser Center, recently celebrated the birth of a baby boy with his wife Melissa. Both were thrilled when Thomas Kevin Onorato came into the world on September 10, 2013. Despite being born five weeks early, baby Thomas managed to surprise his parents with his indomitable spirit and was sent home with a clean bill of health. A mere four days later began the fight for Thomas’ life.

Stewart Manor budget, mayor’s salary increase

At a time when municipalities are grappling with keeping expenditures down, the Village of Stewart Manor saw not only its 2014-15 operating budget increase, but its mayor’s salary. At a meeting of the board of trustees held on Monday, April, 8, Stewart Manor adopted a budget of $2,418,548.03, a 1.4 percent increase over the previous year. In addition, the board approved a raise of $1,000 for Mayor Gerard Tangredi, bringing his salary to $3,000. The salaries for trustees John Egan, M. Carole Schafenberg, and William Grogan are set at $2,000 each. Deputy Mayor Michael Onorato has declined his stipend.

Salaries and benefits make up 42 percent of the total budget. According to the state comptroller, it’s acceptable for that number to be as high as 65 percent. The total costs of salaries and benefits have actually decreased by around 5 percent from the previous year’s adopted budget.  


Sports

Easter Egg Hunt For Pre-K To Grade 5

The Garden City Recreation Department is once again sponsoring the annual Easter Egg Hunt on Saturday, April 19 at Community Park’s fields. This Year Three hunt will be held at 10 a.m. sharp with three age divisions: preschool to kindergarten, grades 1 and 2; and grades 3 to 5.

Special eggs will be stuffed and hidden for all divisions. Each hunt will also feature a grand prize (an Easter basket filled with goodies) which will go to the youngster who finds the egg marked “#1 Lucky Egg.” For further information about the hunt, please call the recreation department at 516-465-4075.

Commitment at Kellenberg

Garden City residents continue to excel while participating in the athletic program over at Uniondale’s Kellenberg Memorial High School.

Each season, coaches of Kellenberg sports pick one player from their squad who has demonstrated remarkable commitment to the team through their hard work at practice and in competition.

The Village of Garden City has a long history of residents who've excelled both on the academic and athletic side of the ledger at Kellenberg. This time around, seniors Kelly O’Donnell (varsity cheerleading), Stacy Madelmayer (varsity girls basketball) and Bryan Salecker (swimming and diving team) have all been awarded the Commitment Award for their outstanding efforts, devotion, hard work and commitment to their respective teams.


Calendar

Dinner & A Movie: In Transition 2.0

Thursday, April 17

School Budget Meeting

Wednesday, April 23

Judi Mark One-woman Show At Library

Thursday, April 24



Columns

1959: The Year The Music Stopped Playing
Written by Michael A. Miller, mmillercolumn@gmail.com

The Eccentric Heiress Of ‘Empty Mansions’
Written by Mike Barry, MFBarry@optonline.net

Yellow Margarine And A Pitch For The Ages
Written by Michael A. Miller, mmillercolumn@gmail.com