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) Tuesday, 28 October 2014 12:20
Running for his second major office in as many years, Adam Haber touched on familiar themes in a visit to Anton Media Group to discuss his candidacy for the Seventh District New York State Senate seat, where Haber is challenging the Republican incumbent, Jack Martins.
Haber entered politics in 2009, when he ran for and won, a seat on the Roslyn School Board. The district was then reeling from an embezzlement scandal that had cost it millions of dollars. Haber touted his achievements on the board, including bringing finances into line to the point where the district has seen the lowest tax increases of any district in Nassau County. Last year, Haber ran for the Democratic Party’s nomination to challenge Edward P. Mangano for the Nassau County executive’s race.
Last Updated (Monday, 29 November 1999 19:00) Thursday, 30 October 2014 00:00
After a recent security scare, the New Hyde Park-Garden City Park School District is leading a push to get public election polling moved out of school buildings. The board of education is aiming to pass its resolution at the state level to encompass all New York Schools and address what they see as a broad school security flaw.
“What’s good for our kids should be good for any child in any other public school in the entire state,” Superintendent Robert Katulak said.
Tuesday, 28 October 2014 12:34
The Sewanhaka Indians topped the Herricks Highlanders, 26-6, on Saturday, Oct. 25. The Indians (5-2) Garden City High School to close out the regular season on Saturday, Nov. 1 at 2 p.m. at 170 Rockaway Ave., Garden City.
(Photos by Stephen Takacs)
Thursday, 23 October 2014 00:00
The Sewanhaka Indians varsity football team hosted Elmont Spartans on Saturday, Oct. 18 in its final home game of the regular season.
It certainly did not go as the Indians had hoped, falling 18-8, in a mistake filled game. Head coach George Kasimatis said the Indians had their chances, but kept digging themselves into a hole with mental mistakes on both sides of the ball.
Playing from behind, senior running back Brenton Mighty was able to break free for a long touchdown run, to put the Indians on the board.