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, 21 August 2014 00:00
The tax levy for the 2014-15 school year was set at the Aug. 14 meeting of the Herricks Board of Education, and district residents may be surprised that it’s coming in a bit lower than the amount voters had previously approved.
Assistant Superintendent for Business Helen Costigan initially revealed the Herricks’ tax levy for the coming school year was a 1.73 percent increase. However, she noted that a surplus in the budget could allow the district to establish a lower levy than previously anticipated. The board adopted the new levy, 1.3 percent or $93,325,352.
Last Updated (Tuesday, 19 August 2014 09:54) Wednesday, 20 August 2014 00:00
The Sons of Italy, Cellini Lodge No. 2206 Italian Festival in New Hyde Park garnered a solid turnout during its five-day run at Michael J. Tully Park last week. According to Lodge First Vice President Alfonso Squillante, the annual festival had more 1,500 people each day, with 3,200 people on Saturday night for the fireworks display.
“We’ve had a great turnout, the community has responded very positively,” said Squillante. “Last year we had 12,000 people over the course of five days and this year we are looking at record-breaking numbers.”
Thursday, 21 August 2014 00:00
Students at Charles Water Karate & Fitness, located at 122 Hillside Ave. in Williston Park, recently participated in a talent show at the school. This was a great way to not only show their talent but to go out of their every day comfort zone and perform in front of an audience.
Charles Water’s Karate & Fitness is a full-time, professional martial arts school, with classes for children, adults and teenagers.
Thursday, 21 August 2014 00:00
The New Hyde Park Firecats defeated Huntington’s HBC Sudden Impact in a shootout in the Girls-Under-13 State Open Cup final recently. After tying 1-1 in regulation, New Hyde Park advanced from the shootout, 3-1.
New Hyde Park’s Izzy Glennon beat three defenders and chipped the HBC keeper to equalize after HBC’s Ryan Conway scored in the first half.