Written by Michael Scro Friday, 25 January 2013 00:00
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.
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.
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.
Last Updated (Wednesday, 04 December 2013 14:08) Saturday, 07 December 2013 00:00
The first-grade classes at Hillside Grade School recently held its Thanksgiving Feast. The students made “apple turkeys,” recited poetry, sang songs, and made butter for their corn muffins. During class, they learned about the first Thanksgiving and how children long ago lived.
Last Updated (Wednesday, 04 December 2013 14:03) Friday, 06 December 2013 00:00
A cold windy day did not stop the Manor Oaks School students from running in the Second Annual Turkey Trot recently. Gym Teacher Ms. Innella coordinated the event. In order to take part in the run, students were asked to bring in canned food. The food was donated to local families in need, so they can enjoy a Thanksgiving dinner.
The kids had fun running the race. Some students dressed up as Pilgrims, Indians and even turkeys for the costume contest.
Thursday, 05 December 2013 00:00
Students at Charles Water Karate & Fitness, located at 122 Hillside Avenue in Williston Park recently participated in the studios 33nd Black Belt Graduation.
“Our goal at Charles Water’s Karate & Fitness is to facilitate mental growth enabling our students to reach their highest potential as human beings,” says Grandmaster Charles Water owner and director of the school. “Our studio teaches students how to defend themselves responsibly while instilling self-confidence, self-discipline and respect for others.”
Thursday, 05 December 2013 00:00
The foundation for character building and success starts at home. The schools and role models that impact your child’s life assist in reinforcing the aspirations that you have for your child’s development and future.
Children learn this is Karatatot, a unique program offered by Charles Water Karate & Fitness, located at 122 Hillside Avenue in Williston Park. Karatatot is a combination of exercise and karate in a format specifically designed for children ages 4½ and up. In a fun filled and nurturing setting your children learn concentration, discipline, respect, as well as an understanding of self defense at his or her own level. Children learn child safety and stranger training. They are becoming better students at school and better listeners at home.