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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

Former beautification

committee chair seeks return

Stewart Manor residents had beautification on the brain at the village’s most recent board of trustees meeting. Several attendees participated in a friendly airing of grievances to the board about the amount of litter being left in front of some of the shops along Covert Ave and in the parking lots.

Former Village Beautification Committee Chairman Julian Sottovia says that enough is enough, and further steps need to be taken.

Resurrection Church raises money

with Xmas-themed event

On Saturday, July 26, all roads lead to Lutheran Church of the Resurrection and the magical merry world of trains at the 4th Annual Christmas In July Fundraiser. Festooned with glittering lights, the gym will be transformed into a winter wonderland of delight as you enter a snow-flurry world of inflatable Santas, reindeer, snowmen and mysterious nutcrackers—replete with holiday songs and music.

Rediscover the joy of childhood with a dazzling display of classic model trains from Resurrection’s own collectors and hobbyists: Jay Campson, Doug Hoffmann, Doug Kurz, Joe Mecchella, John and Jim Mesloh, Ken Meyn, and Gerhardt Muller.


Sports

The Best Secret In Town!

Did you know that each of our neighbor hood parks runs a playground program every summer? Children entering 1st through 8th grades who are residents of the Village are invited to come to the park during the summer to find out what activities are taking place.

Each park has its own “flavor” and “favorite” activities. The park directors and their staff run games, sports, tournaments, and arts and crafts activities during the day and into the evening. Trips are also run through the parks.  

Thousands throng Garden City for

Annual Jay Gallagher Tournament

The Seventeenth Annual Jay Gallagher Memorial Lacrosse Tournament recently took place on Garden City’s lacrosse fields. The ‘Gallagher’ has been a key fundraiser, with well over $750,000 collected throughout the years for the Andy Foundation, the Mollie Biggane Melanoma Foundation, the Miracle Foundation and the Cancer Center for Kids at Winthrop University Hospital.

With more than 120 teams and 5,000 players, coaches and fans from the tri-state area, the annual tournament provided high level competition in both the boys and girls groups from the third grade up to and including the eighth grade.


Calendar

Summer Concert: Six Gun

Thursday, July 24

Fivestone Returns To Friday Night Promenade

Friday, July 25

Marvelous Movie Matinee

Monday, July 28



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