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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

Despite the national media attention about Ebola in recent weeks, there is one virus that is actually affecting Long Islanders, Enterovirus D68 (EV-D68), with one of the first cases identified in North Hempstead on Sept. 18 and a recent case on Oct. 15 in Suffolk County, which school officials called for the closing of school, as a health precaution. 

 

The Levittown School District has been vigilant with the increase of cases in general. “We are continuing to implement the precautions provided by the health department and the CDC,” said Levittown School District Assistant Superintendent for Administration and Personnel Darlene Rhatigan. “We are also reminding students and staff to be mindful of the importance of proper hygiene including frequent hand washing.”

Audrey Zhang, a sixth grader at Island Trees Memorial Middle School, took home first place in the Long Island Arts Alliance (LIAA) on Sept. 17. Zhang was honored at the Cradle of Aviation Museum for her work and was presented with a $500 check and an iPad Mini. Many dignitaries were on hand, including State Education Department Regent Roger Tilles.


Sports

 

Four Division Avenue High School seniors have signed national letters of intent to play baseball at local universities next fall. All four players were instrumental in winning the 2014 Nassau County Championship. 

The Island Trees Squirts Rockets U-6 team met with town officials, Supervisor Kate Murray and Councilman Gary Hudes at the 2014 Island Trees Soccer Club Opening Day Parade and Ceremony held at Stokes Elementary School. Pictured also with the Rockets U-6 team is President Joe Badolato, Event Coordinator Keri Cinelli, Equipment Commissioner Chris Blum, Travel Commissioner Mike Rich, Vice-President Brian Fielding and Rockets U-6 Coach Gina Weyland.



Calendar

Board of Ed Meeting - October 22

League Of Women Voters Talk - October 23

Lecture - October 24


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