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Letter: County Financial Report Card

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. 

George Maragos 


News

Local school districts are reaffirming student hygiene standards in the wake of the non-polio enterovirus (EV- D68) that’s been found in the United States. A strain of the enterovirus was found in Southampton’s middle and high schools, but officials say it was not the virus that has caused the national EV-D68 outbreak.

 

The disease disproportionately affects infants, children and adolescents who lack immunity, according to the Center for Disease Control. School districts have been notified to follow New York State Health Department guidelines to combat possible infections.

New Hyde Park Village Mayor Robert Lofaro gave a local laundromat until Wednesday, Oct. 15 to appear in village court to address property issues, mainly appearance and a lack of signage, or face arrest.

 

A final letter was sent to the tenant, Lofaro said.


Sports

Sewanhaka Indians Head football coach George Kasimatis told his team to expect a dogfight in this weeks game against the New Hyde Park Gladiators, and he was right after its 35-21 victory last week. 

 

“All the kids know each other really well, it’s always competitive when we play each other,” he said. 

The Sewanhaka Indians relied heavily on its offense in the first two victories and head coach George Kasimatis relies on one player to set the tone for his group; senior, running back Brenton Mighty. 

 

Mighty is versatile as a running back, as he possesses the ability to run hard between the tackles, lower his shoulder and run into the defender, or run to the outside and break one deep. He also has good hands and is utilized by quarterback Elijah Tracey, as a receiver out of the backfield. 

 

“He makes such a difference in the run game,” said Kasimatis. “Teams have to respect that and it opens up the pass and the possibility for a lot of play action passes.”


Calendar

Community Fund Meeting - October 15

International Night - October 16

Live Music - October 17


Columns

1959: The Year The Music Stopped Playing
Written by Michael A. Miller, mmillercolumn@gmail.com

The Eccentric Heiress Of ‘Empty Mansions’
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Yellow Margarine And A Pitch For The Ages
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