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 (Monday, 29 November 1999 19:00) Saturday, 08 March 2014 00:00
It’s a family affair for the Winters of Port Washington when they make pilgrimages to Bobb Howard’s General Store in New Hyde Park. “There’s something in that store for everyone,” says Tracy Winters, who has been a customer of this retro candy and toy store for eight years. Tracy goes for the Astro Pops, husband Michael gets Marshmallow Twists and Tracy’s mother, Phyllis Heller of Bellmore, can’t resist the Goldenberg Peanut Chews. Jake, Tracy’s older son, isn’t a candy lover so he gravitates to the old-time toys and nostalgia posters.
Jamie Waller of Queens says it made him feel like a kid again when he saw the wall of candy with treats from the 1990s and 1950s sitting next to each other. “Anything you can possibly want is there,” he says. For Jamie, a big treat is Circus Peanuts, peanut-shaped marshmallows. “My dad used to love them when he was a kid,” he says.
Last Updated (Monday, 29 November 1999 19:00) Friday, 07 March 2014 00:00
One fortunate New Hyde Park resident was rescued from the freezing cold on Tuesday, Feb. 25 thanks to Dr. Julia Harmon, DVM, of the New Hyde Park Animal Hospital. That night, at approximately 8 p.m., Harmon was going to her car after work when she saw Spike, a wandering bulldog near Brooklyn Avenue, one block from the vet’s office on Jericho Turnpike.
Harmon immediately brought Spike, who was not wearing a collar and did not have a microchip implanted for identification, back to the vet’s office. The temperature outside was already at 31 degrees, but felt like 20 degrees with the windchill. Luckily Spike was
brought in from the cold early; temperatures dropped down to 25 degrees that night.
Thursday, 06 March 2014 00:00
New Hyde Park Michael Castelli recently participated in the 32nd Black Belt Graduation at Charles Water Karate & Fitness, located at 122 Hillside Ave. in Williston Park. He graduated to first-degree black belt.
“Our studio teaches students how to defend themselves responsibly while instilling self-confidence, self-discipline and respect for others,” says Grandmaster Charles Water, owner and director of the school.
Students tested in October, successfully passed their exam recently and received their black belt certificates. “Who says that the youth of America are not committed? A healthy life style at the karate studio, mentally and physically is alive, well and working,” said Water.
Thursday, 06 March 2014 00:00
After missing the playoffs two straight years, the Sewanhaka Indians Boys lacrosse team will face tougher odds if it hopes to advance to postseason play in 2014.
The Indians, who start their season March 24 at Oyster Bay, will be playing out of Section 8, Nassau Conference II (Class B) this year; a bump up from their usual spot in Nassau Conference III (Class C). Typically, the schools are divided by enrollment.
“There are no gimmies in this league,” said nine-year coach Peter Burgess. “We were the last team to make this league in terms of population. They kind of drew the line below us. So we’re the smallest school in the league.”
Burgess said another obstacle for the Indians will be facing teams that they have no experience playing before.