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Nassau County Comptroller’s Report

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. 


News

The Levittown Volunteer Fire Department will host its annual Fire Prevention Open House on Friday, Oct. 10. The event will be held at the Gardiners Ave. Fire Headquarters from 6 to 9 p.m. 

 

October is designated as the National Fire Prevention Month. Every year, during the month of October the Levittown Fire Department Fire Prevention Committee visits all the schools in the fire district teaching and re-enforcing fire safety. In the United States every year, fires in homes are the cause of the largest loss of life and serious injuries. World wide, the United

States is at the top of the list for the most lives lost. This, even when all the fire departments across the country strive to get the fire safety message out, often giving out free smoke detectors.

Long Island Democrat David Denenberg has dropped out of the race for state Senate, after recent accusations that the Nassau County Legislator fraudulently billed his own law firm—

Davidoff, Hutcher & Citron—over $2 million for non-existent case work. According to published reports, Denenberg stated, “My family, the electorate, the campaign and this position are way too important to subject myself to such outrageous allegations and negative attacks against me personally. Therefore I withdraw from the race.”


Sports

Ex-college pugilist continues ring comeback for charity

The Long Island Fight for Charity will be hosting its 11th annual Charity Boxing Event on Nov. 24 at the Hilton in Melville. Among the 20 volunteers will be Levittown native Stefan Borovina, who will be fighting under the nickname “Lights Out.”  Borovina is the business manager at RMB Electric in Farmingdale. 

 

He also participated in the event last year, after a friend from his high school wrestling team informed him. Borovina jumped at the opportunity, having had a history in the boxing ring at the University of Notre Dame.

Men’s Farmingdale State College Soccer update (3-6, 0-1 Skyline)

 

The men’s soccer team fell in both matches last week - 4-3 vs. Staten Island (2 OT) and 3-2 at Mount Saint Mary (OT). Junior midfielder J.T. Famularo (Levittown) was named to the Skyline Honor Roll. Famularo recorded a team-leading three goals last week. He scored two versus Staten Island and added one goal in the OT loss at MSMC.


Calendar

Island Trees PTA - October 1

Towns E-Cycle - October 5

Levittown SEPTA Meeting - October 6


Columns

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

The Eccentric Heiress Of ‘Empty Mansions’
Written by Mike Barry, MFBarry@optonline.net

Yellow Margarine And A Pitch For The Ages
Written by Michael A. Miller, mmillercolumn@gmail.com