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, 25 October 2014 00:00
James Sokol and Jake Leeds from Boy Scout Troop 298 recently completed their service projects.
Sokol and fellow Scouts replaced the backboards, rims and nets in the basketball court in Nuzzi Park. They also trimmed trees and repainted the court lines.
Last Updated (Monday, 29 November 1999 19:00) Friday, 24 October 2014 00:00
The debate over New York State Common Core standards continues, with students from local school districts showing a mild resistance to the exams.
According to the New York State Allies for Public Education, 39 students in the Herricks School District opted out of the English exam, while 74 did not take the math test. For the New Hyde Park-Garden City Park School District, 17 students did not take the English test while 18 refused to take the math test.
Thursday, 23 October 2014 00:00
The Sewanhaka Indians varsity football team hosted Elmont Spartans on Saturday, Oct. 18 in its final home game of the regular season.
It certainly did not go as the Indians had hoped, falling 18-8, in a mistake filled game. Head coach George Kasimatis said the Indians had their chances, but kept digging themselves into a hole with mental mistakes on both sides of the ball.
Playing from behind, senior running back Brenton Mighty was able to break free for a long touchdown run, to put the Indians on the board.
Thursday, 16 October 2014 00:00
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.