Written by George Maragos Thursday, 12 September 2013 00:00
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.
Thursday, 21 August 2014 00:00
Residents are in a fervor over Nassau County’s recent decision to remove 176 oak trees along a mile-and-a-half stretch of Seaman’s Neck Road.
“It’s outrageous,” said local resident Lee Gardner. “It changed the entire landscape.”
Like most of her neighbors, Gardner said she was shocked, since the county did not notify residents.
Wednesday, 20 August 2014 00:00
Nassau County drivers are up in arms due to the recent implementation of school zone speed cameras, which have issued numerous violations since they were installed just weeks ago. The source of residents beef with the county’s speed cameras stems from the cameras issuing speed violations even when school wasn’t in session.
Director of Nassau County Traffic Safety Chris Mistron said that while some residents were taken by surprise, summer school hours are still considered a violation period.
Thursday, 21 August 2014 00:00
Cantiague Park Senior Men’s Golf League had its fourth tournament on Thursday Aug. 7. We had 33 golfers and a record 8 who scored under 40. Low overall score was won by newcomer Ed Hyne with an impressive 33, his second low net in a row. Charlie Acerra scored a solid 35, and won low overall net with a 26; his best score in 4 years.
Competition on the nine-hole course is divided into two divisions. Flight A is for players with a handicap of 13 or lower. Flight B is for players with a handicap of 14 or more. The league is a 100 % handicap league. Any man 55 years or older is eligible for membership. We have many openings for this year, and you can sign up anytime throughout the the season. The league meets every Thursday at 7:30 a.m., but the formal tournament dates are only the first and third Thursday of the month through late October. We will have a final luncheon with prizes on our last meeting.
Thursday, 14 August 2014 00:00
Golfer Annie Park, 19, of Levittown came close at the U.S. Women’s Amateur tourney, but missed the cut, finishing at 149, 9 strokes over par and just one stroke away from the match-play cut-off.
“I couldn’t make any putts, so then I had more pressure into my shots to get it closer,” Park said, “but obviously that’s not going to work.”