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, 19 July 2014 00:00
No matter what, one thing is certain—there’s no better way to spend a sticky summer evening on Long Island than camped out at an exciting outdoor concert.
Dazzling a crowd at Memorial Park on Albert Street in New Hyde Park that just seemed to grow and grow as the evening went on, the talented foursome of Marty G and The G Men pumped out some of the most toe-tappin’ hits of the ‘50s, ‘60s, and ‘70s...plus a few original tunes for good measure, on Wednesday, July 9.
Last Updated (Monday, 29 November 1999 19:00) Friday, 18 July 2014 00:00
The New Hyde Park-Garden City Park School District miscalculated more than $8 million in expenses from 2008-13, creating illusory budget surpluses (about $6.3 million), according to a report by New York State Comptroller Thomas DiNapoli’s office.
The financial report said New Hyde Park transferred money to reserves and appropriated unexpended surplus funds to reduce the district’s tax levy. According to the comptroller’s office, more than $3 million of the district’s fund balance appropriated over the five-year period was not used.
“These practices gave the appearance that the district’s fund balance was within the legal limit when in effect it exceeded the limit each year,” the report stated. “We also found that the district routinely funded its retirement contribution reserve with operating surpluses at year end, instead of funding the reserve through the annual budget process, which would have been more transparent to taxpayers.”
Thursday, 17 July 2014 00:00
Students at Charles Water Karate & Fitness in Williston Park received belt promotions after completing a series of extensive exams.
From New Hyde Park: Jonah Khorrami to brown belt, Isabella Castelli to purple belt.
From Mineola: Alexandra Santos and Kayla Toal to, Kayla Toal yellow belt, Jason DeJesus to Yellow/White Belt.
From Williston Park: Mario Lombardo to red belt, Daniel Melore to blue belt, Grayson Lee to yellow/white belt.
From Garden City: Alexandra Delgais: to brown belt, Jake Delgais to yellow/white belt.
From Roslyn Heights: Suhani Jain to red belt.
From Uniondale: Isiah McClean to yellow/white belt.
Thursday, 17 July 2014 00:00
Town of North Hempstead Supervisor Judi Bosworth and the Town Board recognized the athletic achievements of three different teams who call North Hempstead their home at its recent. These teams reached incredible heights in their recent competitions, and they exemplify what hard work and perseverance can do.