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New Hyde Park Gets Thumbs Up From Auditors

Budget talks tob egin in February

The Village of New Hyde Park received a positive summary of its financial statements for the fiscal year ending May 31, 2012 by independent auditor William Barrett, a Certified Public Accountant and partner with Rynkar Vail & Barrett. during its Tuesday, Jan. 15 meeting.  

According to Barrett’s report, the village had $3.1 million more in assets over liabilities as of May 31, 2012.  The village is required to record a liability for other post employment benefits that is approximately $460,000 to $470,000 annually.  This requirement is three years old, and the liability is $1.44 million as of May 31, 2012.

“No government in New York State can pay this liability,” Barrett said.

This is charged to the village’s net assets, which as a result, makes the village’s unrestricted net assets a negative amount of an estimated $883,000.  The village’s remaining net assets are primarily investments in capital assets, which is almost $4 million. 

For the last fiscal year, the village’s net assets have decreased $18,000 primarily due to recording depreciation and other employment benefit expenses.

The village has a $783,000 unassigned general fund balance, which approximates seven weeks worth of business, according to Barrett.  This is an increase from four weeks last year.

General fund revenues for the year are $5,742,000.  Expenditures for the year are $5,379,000 in the general fund.

According to Barrett, The Government Finance Office Association’ rough guidelines were looking for “two months worth of fund balance,” which he said New Hyde Park is “practically there…this is significantly better than the year before.”

With long term debt, including a liability to the state retirement system, decreased around $500,000 (from $3,078,000 to $2,577,000).  All existing bonds that are outstanding will be paid by fiscal year ending May 31, 2022.

“The bond maturity schedule is very orderly and manageable,” Barrett said.

Barrett also stated that the required retirement contributions have almost doubled from two years ago, from $145,000 to $274,000.

Actual revenues exceeded budget revenues by $66,000 (1.2 percent), as of May 31, 2012.  “This shows that you are accurately budgeting your revenues and not overstating them,” Barrett said.

Barrett commended the village for spending 95 cents out of every dollar they planned to spend, saying: “This is excellent.”  The remaining 5 percent not spent helped increase the fund balance by $350,000.

In Other News

Village Hall Designated As An Evacuation Site

The village board approved a request by the principal of the New Hyde Park Road School, Peggy Marenghi, to make Village Hall the evacuation site for students in case of an emergency. According to Mayor Daniel Petruccio, Marenghi contacted him a few days ago to express her desire. Initially, the New Hyde Park Road School was set to go to the high school as their evacuation site. Marenghi felt that because the village hall is closer, it would be safer.  

Public Hearing February 5

Mayor Petruccio announced a public hearing on Feb. 5 at 7:30 p.m. at Village Hall to propose a local law authorizing a property tax levy, which will give the village the ability to exceed the two percent tax levy cap imposed by Gov. Andrew Cuomo in 2011.  “This hearing will allow us the opportunity to present that to the public, and then vote on it,” Petruccio said.


News

New Hyde Park Village Mayor Robert Lofaro gave a local laundromat until Wednesday, Oct. 15 to appear in village court to address property issues, mainly appearance and a lack of signage, or face arrest.

 

A final letter was sent to the tenant, Lofaro said.

New Hyde Park Village Mayor Robert Lofaro gave a local laundromat until Wednesday, Oct. 15 to appear in village court to address property issues, mainly appearance and a lack of signage, or face arrest.

 

A final letter was sent to the tenant, Lofaro said.


Sports

Sewanhaka Indians Head football coach George Kasimatis told his team to expect a dogfight in this weeks game against the New Hyde Park Gladiators, and he was right after its 35-21 victory last week. 

 

“All the kids know each other really well, it’s always competitive when we play each other,” he said. 

The Sewanhaka Indians relied heavily on its offense in the first two victories and head coach George Kasimatis relies on one player to set the tone for his group; senior, running back Brenton Mighty. 

 

Mighty is versatile as a running back, as he possesses the ability to run hard between the tackles, lower his shoulder and run into the defender, or run to the outside and break one deep. He also has good hands and is utilized by quarterback Elijah Tracey, as a receiver out of the backfield. 

 

“He makes such a difference in the run game,” said Kasimatis. “Teams have to respect that and it opens up the pass and the possibility for a lot of play action passes.”


Calendar

Community Fund Meeting - October 15

International Night - October 16

Live Music - October 17


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