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) Thursday, 17 April 2014 00:00
The Village of New Hyde Park Board of Trustees held their 2014-15 tentative budget hearing on Monday, April 7, where a proposed budget of $6 million was presented.
The appropriation represents an increase of $160,512 from the 2013-14 budget and a tentative tax levy of $4.135 million, a 1.8 percent increase from last year.
“Working on this year’s budget was one of the hardest we’ve ever done,” Village Mayor Robert Lofaro said.
Last Updated (Tuesday, 15 April 2014 08:46) Wednesday, 16 April 2014 00:00
Following her uncontested election last month, trustee Donna Squicciarino was officially sworn in by Mayor Robert Lofaro for a one year term on Monday, April 7.
Squicciarino is the second woman in New Hyde Park’s 86-year history to serve as trustee. Florence Lisanti was the first woman to serve on the board, whose term expired in 2001.
“I think it’s great,” said Squicciarino. “We needed a woman at the table with a different point of view. We have a lot of different perspectives that guide the village in the right direction.”
Thursday, 17 April 2014 00:00
Sewanhaka’s boys lacrosse coach Peter Burgess has one rule when it comes to his goalies: make the saves that you’re supposed to make.
Luckily for Burgess, senior Jake Mellen does that and more.
“Once or twice a game he’ll make a save that no one’s supposed to make,” Burgess said. “I’ll look over to my assistant coach and say, ‘Wow, that was a special play right there’”
For three years, Mellen has been making those kind of spectacular saves for the Indians as the starting goalie. Before his senior season started, he was voted captain by his teammates and coaches.
Thursday, 17 April 2014 00:00
Coaching to some can be measured by wins and losses. But New Hyde Park’s head baseball coach Doug Robins measures his success through the success of his players, on and off the field.
Robins has coached the Gladiators varsity baseball team since 1999 and made the playoffs 10 out of those 15 seasons. His teams have finished in second place in their league twice.
Despite his teams on field success, Robins goal is to help his players succeed and receive the opportunity to play college ball.