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, 22 November 2014 00:00
Online food market OurHarvest has recently joined forces with Mineola-based Island Harvest Food Bank, Long Island’s largest hunger relief organization, to help feed hungry Long Islanders over Thanksgiving and throughout the holiday season.
Last Updated (Monday, 29 November 1999 19:00) Friday, 21 November 2014 00:00
In the year it’s been open, the Space at Westbury has been host to musicians, comedians, dancers and last week, the venue opend its doors for world class boxers and their loyal fans. One of the headliners was Richie “Brazil” Neves, from New Hyde Park.
Winner Takes All Productions and Greg Cohen Promotions brought a night of boxing to the Space on Thursday, Nov. 13. While boxing events have come to Long Island before, this was the first of its kind to come to The Space.
Thursday, 20 November 2014 00:00
Despite a disappointing playoff loss against the Wantagh Warriors, Sewanhaka Indians Head Coach George Kasimatis, is pleased with his football team’s season.
“I’m proud of my team,” he said. “But you are never satisfied unless you win the whole thing.”
The Indians faced a big challenge this year, moving up into Conference II left them as the new kids on the block, unfamiliar with the teams they would be going against.
Kasimatis will have a tall task next year replacing graduating seniors, which made up most of his starting lineup. Kasimatis said most of the offensive line, such as Danny Gianotti, Adrian Gonzalez and Louis Segarra III, and the defensive line, such as Justin Alexandre, Peter LaTorre and Peter Militano are seniors, many of which have started multiple years for him.
Thursday, 13 November 2014 00:00
The fifth seeded Sewanhaka Indians traveled to Wantagh to take on the fourth seeded Wantagh Warriors on Friday, Nov. 7 for its opening playoff game.
The Indians opened the game sluggish on offense, and were held in check throughout the first quarter. The Indians defense did its best to keep the team within striking distance, but field position form shaky special teams play, put them in a difficult position.
Warriors running back Dylan Beckwith, was able to punch in a 15-yard touchdown run, to give the Warriors a one score lead after the first quarter.