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) Wednesday, 23 July 2014 00:00
New Hyde Park resident Tom Madera, of 7th Avenue, doesn’t want another car crashing into his house and hopes a Nassau County plan to install traffic calming features along Covert Avenue will prevent another incident.
“Anything would help, even if it makes noise like rubber strips along the road,” he said. “I can assure that it doesn’t make as much noise as a screeching Cadillac which has decided to reorganize the front of your house. That happened two years ago.”
The project would run down Covert Avenue from Jericho Turnpike in New Hyde Park, south to Hempstead Turnpike in Elmont. The project could cost more than $250,000, according to Aryeh Lemberger, unit head for Nassau County traffic engineers. He expects the plan would begin in 2015.
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.
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.