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, 20 September 2014 00:00
The New Hyde Park-Garden City Park School District is planning improvements to a district that has already seen much success in recent years. The school year has only just begun and the Board of Ed is already setting its sights on the future.
At the Sept. 8 board of education meeting, Superintendent Robert Katulak’s monthly report outlined the major goals set for the district last month. While approved in August, the three goals were made available to the public this month and each target different areas for improvement throughout the district.
The first goal deals with English Language Learners (ELL) within the student population. ELL students are those that speak a language other than English at home and score below proficient on assessments.
Last Updated (Tuesday, 16 September 2014 10:15) Friday, 19 September 2014 00:00
Senator Jack Martins discussed education, business and drug use among other topics in a an exclusive interview with this newspaper and FiOS 1 News. He’s currently seeking re-election in November, being challenged by Democrat Adam Haber. Pointing to what he called “key legislation,” particularly the tax cap legislation passed in 2011 and prescription drug bill he helped shepherd to enactment, Martins feels New York State is on track to continue fiscal responsibility.
“In these last four years, we’ve had four balanced budgets, we’ve cut taxes working together, we have paid off debt, streamlined government, kept spending below 2 percent each one of those years,” Martins said.
Thursday, 18 September 2014 00:00
Sewanhaka boys soccer coach Peter Burgess wasn’t sure how long his team’s playoff drought was when it was broken last season.
“Somebody said it was 13 years,” said Burgess, whose entering his fourth year coaching varsity. “But I think it was five or six, I don’t know maybe longer.”
But one thing’s for certain, he wants to keep last year’s momentum going.
The Indians, who started their season with a 3-0 loss at Hewlett, will aim for their second straight trip to the playoffs this year.
Thursday, 18 September 2014 00:00
The Sewanhaka Indians made their Nassau Conference II debut with a bang. The Indians opened their season at home against the Calhoun Colts, unsure what to expect, as all they had ever seen of the Colts was one tape of a scrimmage.
“It was nerve raking leading up to the game,” said Head Coach George Kasimatis. “We weren’t sure what to expect on offense or defense, you have to guess early on. “
But it didn’t take the Indians long to introduce themselves to the conference, as junior, Quarterback, Elijah Tracey broke a 75-yard run taking it the distance to put the Indians up early, which ended in a 27-7 rout of the Colts.