Thursday, 12 September 2013 00:00
The Financial condition of the County continues to improve by all fundamental measures, primarily due to the improving economy and cost controls instituted by the Mangano administration. From residents’ point of view, the County’s improved financial state is reflected in the county portion of their property tax bill, which has not increased in the last four years.
The mid-year financial projections for 2013 indicate that the County will end the year with a $5.6 million budgetary surplus. This follows on the heels of 2012’s surplus of $41.5 million, now confirmed by independent auditors. These budget surpluses are due to increased sales tax revenues from the improving economy (up 10.4 percent year to date) and reduced Social Service costs due to lower unemployment (down to 6 percent, one of the lowest rates in New York
State and lower than that of Suffolk County and New York City.)
All other financial fundamentals also continue to improve, including the structural gap, property tax refunds due to assessment corrections and the County’s long term debt. I’ll address these three points in turn.
The County’s structural gap (the difference between current expenses and recurring revenues) continues its year-over-year improvement since 2009. The structural gap is projected at a seven year low of $54.4 million, down from $116.9 million in 2012 – a 53.5 percent improvement over one year ago - and down from $251.6 million in 2009 - a 78.4 percent improvement over four years.
The County’s growing liability for property tax refunds appears to have been addressed and is expected to decline. The County’s average payouts have been reduced to about $60.3 million annually for the last four years, down from an annual average of $93 million under the previous administration. This decrease does not come at the expense of homeowners: it is due to a more aggressive policy on the part of the Mangano Administration of challenging commercial grievances.
It is worth noting, given the public debate about the county debt, that the long term debt increased only modestly due to 47 percent lower new borrowing over the last four years compared with the period of 2006-2009. The total projected year end 2013 debt of $3.595 billion is quite manageable and only about 30 percent higher than the annual budgetary revenues of the County. Most families manage mortgages that are 300 percent to 400 percent of their family’s annual income.
Although the County’s financial fundamentals have improved by all measures, the County continues to face fiscal challenges. The wage freeze currently challenged in the courts is the greatest potential liability, estimated at $230 million by year’s end. To protect the County’s improving financial state, the County needs to address this risk in the 2014 Multi-Year Plan or resolve it through collective bargaining.
Last Updated (Monday, 29 November 1999 19:00) Saturday, 22 November 2014 00:00
Online food market OurHarvest has recently joined forces with Mineola-based Island Harvest Food Bank, Long Island’s largest hunger relief organization, to help feed hungry Long Islanders over Thanksgiving and throughout the holiday season.
Last Updated (Monday, 29 November 1999 19:00) Friday, 21 November 2014 00:00
In the year it’s been open, the Space at Westbury has been host to musicians, comedians, dancers and last week, the venue opend its doors for world class boxers and their loyal fans. One of the headliners was Richie “Brazil” Neves, from New Hyde Park.
Winner Takes All Productions and Greg Cohen Promotions brought a night of boxing to the Space on Thursday, Nov. 13. While boxing events have come to Long Island before, this was the first of its kind to come to The Space.
Thursday, 20 November 2014 00:00
Despite a disappointing playoff loss against the Wantagh Warriors, Sewanhaka Indians Head Coach George Kasimatis, is pleased with his football team’s season.
“I’m proud of my team,” he said. “But you are never satisfied unless you win the whole thing.”
The Indians faced a big challenge this year, moving up into Conference II left them as the new kids on the block, unfamiliar with the teams they would be going against.
Kasimatis will have a tall task next year replacing graduating seniors, which made up most of his starting lineup. Kasimatis said most of the offensive line, such as Danny Gianotti, Adrian Gonzalez and Louis Segarra III, and the defensive line, such as Justin Alexandre, Peter LaTorre and Peter Militano are seniors, many of which have started multiple years for him.
Thursday, 13 November 2014 00:00
The fifth seeded Sewanhaka Indians traveled to Wantagh to take on the fourth seeded Wantagh Warriors on Friday, Nov. 7 for its opening playoff game.
The Indians opened the game sluggish on offense, and were held in check throughout the first quarter. The Indians defense did its best to keep the team within striking distance, but field position form shaky special teams play, put them in a difficult position.
Warriors running back Dylan Beckwith, was able to punch in a 15-yard touchdown run, to give the Warriors a one score lead after the first quarter.