Thursday, 12 September 2013 00:00
The Financial condition of the County continues to improve by all fundamental measures, primarily due to the improving economy and cost controls instituted by the Mangano administration. From residents’ point of view, the County’s improved financial state is reflected in the county portion of their property tax bill, which has not increased in the last four years.
The mid-year financial projections for 2013 indicate that the County will end the year with a $5.6 million budgetary surplus. This follows on the heels of 2012’s surplus of $41.5 million, now confirmed by independent auditors. These budget surpluses are due to increased sales tax revenues from the improving economy (up 10.4 percent year to date) and reduced Social Service costs due to lower unemployment (down to 6 percent, one of the lowest rates in New York
State and lower than that of Suffolk County and New York City.)
All other financial fundamentals also continue to improve, including the structural gap, property tax refunds due to assessment corrections and the County’s long term debt. I’ll address these three points in turn.
The County’s structural gap (the difference between current expenses and recurring revenues) continues its year-over-year improvement since 2009. The structural gap is projected at a seven year low of $54.4 million, down from $116.9 million in 2012 – a 53.5 percent improvement over one year ago - and down from $251.6 million in 2009 - a 78.4 percent improvement over four years.
The County’s growing liability for property tax refunds appears to have been addressed and is expected to decline. The County’s average payouts have been reduced to about $60.3 million annually for the last four years, down from an annual average of $93 million under the previous administration. This decrease does not come at the expense of homeowners: it is due to a more aggressive policy on the part of the Mangano Administration of challenging commercial grievances.
It is worth noting, given the public debate about the county debt, that the long term debt increased only modestly due to 47 percent lower new borrowing over the last four years compared with the period of 2006-2009. The total projected year end 2013 debt of $3.595 billion is quite manageable and only about 30 percent higher than the annual budgetary revenues of the County. Most families manage mortgages that are 300 percent to 400 percent of their family’s annual income.
Although the County’s financial fundamentals have improved by all measures, the County continues to face fiscal challenges. The wage freeze currently challenged in the courts is the greatest potential liability, estimated at $230 million by year’s end. To protect the County’s improving financial state, the County needs to address this risk in the 2014 Multi-Year Plan or resolve it through collective bargaining.
Last Updated (Monday, 29 November 1999 19:00) Wednesday, 12 March 2014 00:00
The Sewanhaka Central High School District’s ad hoc committee is still reviewing options for a second bond referendum, to be put up for a vote either in May during budget and school board elections or a special election in the fall. The district proposed a $99.5 million bond for various repairs to its five high schools in December, which failed by 293 votes.
Five options are before the ad hoc committee. The first is a vote on the original bond for a second time, with elimination of electronic signs and some capital work. The second and third options would decrease the bond issue, to $84,606,691 in one case or $87,029,591 in another. The fourth option would total $89,577,091. The fifth option is split into two: $73,567,876 in infrastructure repairs, improvements; and a separate $16,009,215 in athletic renovations and upgrades. The School Board will review the options in preparation for a special meeting on Tuesday, March 18.
Last Updated (Monday, 29 November 1999 19:00) Saturday, 08 March 2014 00:00
It’s a family affair for the Winters of Port Washington when they make pilgrimages to Bobb Howard’s General Store in New Hyde Park. “There’s something in that store for everyone,” says Tracy Winters, who has been a customer of this retro candy and toy store for eight years. Tracy goes for the Astro Pops, husband Michael gets Marshmallow Twists and Tracy’s mother, Phyllis Heller of Bellmore, can’t resist the Goldenberg Peanut Chews. Jake, Tracy’s older son, isn’t a candy lover so he gravitates to the old-time toys and nostalgia posters.
Jamie Waller of Queens says it made him feel like a kid again when he saw the wall of candy with treats from the 1990s and 1950s sitting next to each other. “Anything you can possibly want is there,” he says. For Jamie, a big treat is Circus Peanuts, peanut-shaped marshmallows. “My dad used to love them when he was a kid,” he says.
Thursday, 06 March 2014 00:00
New Hyde Park Michael Castelli recently participated in the 32nd Black Belt Graduation at Charles Water Karate & Fitness, located at 122 Hillside Ave. in Williston Park. He graduated to first-degree black belt.
“Our studio teaches students how to defend themselves responsibly while instilling self-confidence, self-discipline and respect for others,” says Grandmaster Charles Water, owner and director of the school.
Students tested in October, successfully passed their exam recently and received their black belt certificates. “Who says that the youth of America are not committed? A healthy life style at the karate studio, mentally and physically is alive, well and working,” said Water.
Thursday, 06 March 2014 00:00
After missing the playoffs two straight years, the Sewanhaka Indians Boys lacrosse team will face tougher odds if it hopes to advance to postseason play in 2014.
The Indians, who start their season March 24 at Oyster Bay, will be playing out of Section 8, Nassau Conference II (Class B) this year; a bump up from their usual spot in Nassau Conference III (Class C). Typically, the schools are divided by enrollment.
“There are no gimmies in this league,” said nine-year coach Peter Burgess. “We were the last team to make this league in terms of population. They kind of drew the line below us. So we’re the smallest school in the league.”
Burgess said another obstacle for the Indians will be facing teams that they have no experience playing before.