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Nassau County Comptroller’s Report

Budget Holds The Line On Spending And Taxes

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.


News

A lawsuit brought by O’Carroll’s Recovery Room Bar and Grill owner Jeremiah O’Carroll against the Village of Mineola was settled recently. However, Mineola prevailed in its decision on a December 2013 application from O’Carroll to open a second business. He challenged the board of trustees’ denial of his request to open a health food store/shake shop next door to his business.

 

“We settled it by him accepting the original decision,” village attorney John Spellman said. “The restaurant is going to be all one [space]. The agreement said he has to have a permanent opening between the two buildings and a permanent opening between the front space and back space. It’s all the circulation of one business.”

The nine-story apartment building at 250 Old Country Road is rising on schedule, according to developers. Lake Success-based Lalezarian Developers is constructing a nine-story, 315-unit complex at the site.

 

Kevin Lalezarian estimated the project is about 20 percent complete.

 

“Our foundation is nearly complete,” Lalezarian said. “Our superstructure is proceeding. That’s the main thing happening right now.”


Sports

Mineola runners PJ Diskin, Kaitlin Phelps, and Yuri Karasz were award winners in the Lynn, Gartner, Dunne & Covello Sands Point Sprint 5 Kilometer Run, held on the grounds of Nassau County’s Sands Point Preserve on Saturday morning, Aug. 9.

The Mineola 9U Hurricanes recently completed its summer baseball season as the NJBL 9U Central Division Champions, finishing 10-2-1 on the year and secured a second place spot entering the playoffs.

The Hurricanes beat the North Shore Spartans for the fourth time this season in a playoff win in walk-off fashion as they came from behind to win 4-3 earning the Hurricanes a berth into the championship series. 


Calendar

Leisure Club Opportunity - August 20

International Night - August 21

Check Your Medications - August 22


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