Written by Michael Scro Friday, 25 January 2013 00:00
The Village of New Hyde Park received a positive summary of its financial statements for the fiscal year ending May 31, 2012 by independent auditor William Barrett, a Certified Public Accountant and partner with Rynkar Vail & Barrett. during its Tuesday, Jan. 15 meeting.
According to Barrett’s report, the village had $3.1 million more in assets over liabilities as of May 31, 2012. The village is required to record a liability for other post employment benefits that is approximately $460,000 to $470,000 annually. This requirement is three years old, and the liability is $1.44 million as of May 31, 2012.
“No government in New York State can pay this liability,” Barrett said.
This is charged to the village’s net assets, which as a result, makes the village’s unrestricted net assets a negative amount of an estimated $883,000. The village’s remaining net assets are primarily investments in capital assets, which is almost $4 million.
For the last fiscal year, the village’s net assets have decreased $18,000 primarily due to recording depreciation and other employment benefit expenses.
The village has a $783,000 unassigned general fund balance, which approximates seven weeks worth of business, according to Barrett. This is an increase from four weeks last year.
General fund revenues for the year are $5,742,000. Expenditures for the year are $5,379,000 in the general fund.
According to Barrett, The Government Finance Office Association’ rough guidelines were looking for “two months worth of fund balance,” which he said New Hyde Park is “practically there…this is significantly better than the year before.”
With long term debt, including a liability to the state retirement system, decreased around $500,000 (from $3,078,000 to $2,577,000). All existing bonds that are outstanding will be paid by fiscal year ending May 31, 2022.
“The bond maturity schedule is very orderly and manageable,” Barrett said.
Barrett also stated that the required retirement contributions have almost doubled from two years ago, from $145,000 to $274,000.
Actual revenues exceeded budget revenues by $66,000 (1.2 percent), as of May 31, 2012. “This shows that you are accurately budgeting your revenues and not overstating them,” Barrett said.
Barrett commended the village for spending 95 cents out of every dollar they planned to spend, saying: “This is excellent.” The remaining 5 percent not spent helped increase the fund balance by $350,000.
The village board approved a request by the principal of the New Hyde Park Road School, Peggy Marenghi, to make Village Hall the evacuation site for students in case of an emergency. According to Mayor Daniel Petruccio, Marenghi contacted him a few days ago to express her desire. Initially, the New Hyde Park Road School was set to go to the high school as their evacuation site. Marenghi felt that because the village hall is closer, it would be safer.
Mayor Petruccio announced a public hearing on Feb. 5 at 7:30 p.m. at Village Hall to propose a local law authorizing a property tax levy, which will give the village the ability to exceed the two percent tax levy cap imposed by Gov. Andrew Cuomo in 2011. “This hearing will allow us the opportunity to present that to the public, and then vote on it,” Petruccio said.
Last Updated (Monday, 29 November 1999 19:00) Saturday, 13 September 2014 00:00
Twenty-three-year-old Victoria Inguanta of New Hyde Park has a unique approach to her artwork. The New Hyde Park Memorial High School and Marymount College graduate takes the human body and combines figurative and abstract work using just a pencil and her canvas.
“For instance I’ll take a classical rendering of a face and bring out a modern aspect of the art using lines and space in my composition,” said Inguanta. “To me, the combining of the two is a lot of fun.”
Last Updated (Monday, 29 November 1999 19:00) Friday, 12 September 2014 00:00
The Sewanhaka Central High School District honored five educators with the Superintendent’s Teacher of the Year Award and recognized staff members with 25 years of service to the district at its Opening Day Ceremony last week, which was highlighted by presentations and student-musician performances.
Held at Sewanhaka High School, the ceremony began with the New Hyde Park Memorial High School Select Choir performing the Star Spangled Banner under the direction of choir director Robert McKinnon.
Thursday, 11 September 2014 00:00
Tara Notrica is your typical 49-year-old mother of two. Along with her husband Barry, she is kept busy by her 14-year-old son Jared and 10-year-old daughter Samantha. One more thing: she has been battling Mast Cell disease in addition to other autoimmune diseases for the past eight years. Josh York, the CEO and founder of GYMGUYZ, an in-home personal training company, has been working closely with Notrica to help her cope with her disease.
“GYMGUYZ is all about the three C’s: convenient, creative and customizable workouts,” said York. “We come to the setting of your choice from homes, offices, churches, and bring our fully loaded van, which has 365 pieces of equipment,” he continued.
Thursday, 04 September 2014 00:00
Nassau County Police Activity League Special Needs Unit hosted the recent Special Olympics New York Basketball Tournament held at Town of Oyster Bay Hicksville Athletic Center home of Nassau County PAL (NCPAL). Thirteen basketball teams, each with up to ten players, participated in the games. NCPAL-
Special Needs Unit Knights; NCPAL New Hyde Park Knights; SCO Owls; Commack Sharks; Long Island Lions: ACDS Thunderbolts, AHRC Starz and for the first time the Oakville Skywalkers, a Canadian team, competed on the court to demonstrate their skill and spirit of sportsmanship. After the games gold, silver and bronze medals and ribbons were awarded to each of the players.