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) Friday, 13 December 2013 00:00
The Water Authority of Western Nassau County opened its new 16,000 square-foot headquarters on Monday, Dec. 2 on Union Turnpike in New Hyde Park. They previously operated on South Tyson Avenue in Floral Park since 1996.
“As people walk by, even during construction, [the building] was so well-received,” Water Authority Superintendent Michael Tierney said. “It’s a modern-type building and designed to look like a water storage tank.”
While Western Nassau’s new facility is ready, Tierney stated there is still work to be done before moving in. The majority of the project was funded by a 2010 bond issuance by the water authority. It helped build the central garage and main
headquarters at the site.
Last Updated (Monday, 29 November 1999 19:00) Thursday, 12 December 2013 00:00
New Hyde Park residents gathered Saturday, Dec. 7 to kick off the holiday season when The Village of New Hyde Park hosted their yearly Christmas tree lighting ceremony at the Village Hall.
The auditorium at the Marcus Christ Community Center, decorated for this holiday season, filled up quickly as families and local residents came to enjoy the Christmas festivities. Mayor Robert A. Lofaro, who’s been on the board for the last 15 years, welcomed guests.
Thursday, 12 December 2013 00:00
Nassau County Executive Edward P. Mangano presented citations to honorees at the recent Milan Senior Program.
The mission of the Milan Senior Program is to offer educational and recreational activities, to promote personal growth and socialization, to foster feelings of achievement, companionship, and well-being
that would enhance the quality of life for people 60 years of age and older. For more information on the Milan Senior Program visit http://www.herricksindous.org/Milan
Thursday, 12 December 2013 00:00
More than 300 friends and family attended the “Pig Roast” benefit for Dave Kelnhofer, a local New Hyde Park Volunteer and former FDNY fireman at Spanky’s Bar & Grill in New Hyde Park recently. Kelnhofer contracted a rare cancer, (Amyloidosis) while working at ground zero after 9/11. His wife Fran could not believe how many people turned out for her husbands fund raiser, saying “it is incredible what New Hyde park does to help someone who is in need.”