Written by George Maragos Friday, 04 January 2013 00:00
The adopted $2.8 billion Nassau County budget for fiscal year 2013 represents a 0.2 percent decrease in spending compared to the 2012 budget. For the third consecutive year, the budget holds the line on property taxes with no increase.
The budget is fiscally conservative containing only $60.1 million of revenue and expenditure items considered as having risk. This is the lowest amount of budgetary risk in over four years. The $60.1 million at risk is comprised of $39.1 million in possible lower revenues and $21 million in possible higher expense. This level of risk is about 2 percent of the total budget and should be manageable.
Using Generally Accepted Accounting Principles (GAAP) as defined by the Nassau County Interim Finance Authority (NIFA), the projected risk is $125.1 million. However, the NIFA GAAP risk still represents an 11 percent improvement over 2012 and a 32 percent improvement from 2009. The distinction between the risk as presented under the budgetary basis and the NIFA GAAP basis is attributable to the different treatment of certain revenues and expenses. NIFA GAAP excludes certain income from investments, bond premiums and bond proceeds used to pay expenditures.
The adopted 2013 budget continues the improving fiscal trends established over the last three years by:
• Reducing the Structural Gap to less than $35 million, an 86 percent improvement from the peak in 2009 of $252 million;
• Controlling spending to just 1.3 percent over recurring revenues, the lowest margin since 2004;
• Reducing borrowing to $140 million, approximately 44 percent lower than the average annual borrowing over the prior 5 years, primarily for capital project investments.
The principal budgetary challenges facing the county are its low fund balance, which stood at $40.5 million at the end of 2011, the continuing skyrocketing pension contributions, and the unrelenting increases in state and federal mandated costs. At the same time, the county revenues are essentially flat due to the weak economy. The rating agencies have noted these challenges, evidenced by a Moody’s downgrade in October. The administration, NIFA and the legislature need to work together to address these growing challenges in 2013 and beyond.
Wednesday, 17 September 2014 00:00
Swaths of nearby and local residents flocked to the sixth annual Mineola Street Fair on Sunday, Sept. 14. With vendors lined up and down the streets featuring local businesses and restaurants, live performances and various entertainment for kids, the Mineola Chamber of Commerce-sponsored event didn’t disappoint Mary Cheung of Great Neck.
“These fairs are always fun,” she said. “It’s not too hot, not too cold. The music is the best part.”
Saturday, 13 September 2014 00:00
A bunch of fruit in a bowl may not be that exciting to look at, that is unless you’re looking at them from Nancy Colleary’s point of view. Through her still life paintings, the she explores shadows, colors and light to make the most ordinary objects appear beautiful.
From her in-home studio, she continues to hold classes and work on her own projects, which includes paintings that are on display at Walk Street in Garden City and Chef’s Corner in Mineola.
Thursday, 11 September 2014 00:00
Although the expectations for the 2014 Mineola Mustangs boy’s varsity soccer season may be somewhat measured, the team enters the season with the goal of a berth in the Nassau County playoffs. The team is young and inexperienced but there is light at the end of the tunnel.
There is considerable talent on the horizon. There are only four starting seniors and five sophomores on the roster. Four year starting senior forward Daniel Pardo returns (19 goals in three seasons) as does senior standout goalkeeper Andrew Pereira.
Thursday, 11 September 2014 00:00
Mineola resident Michael Patalano of Andrews Road was named one two captains on the Kellenberg Memorial High School varsity football team recently. He played for the Mineola Chiefs for five years, which prepared him for football at the next level. He has three younger sisters. Two of them play sports for the Mineola Mustangs.