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) Friday, 28 November 2014 00:00
Last year Manhasset Park District Commissioner Mark Sauvigne was thinking about running for the office of Manhasset-Lakeville Fire & Water District Commissioner, but he sensed the timing wasn’t right. The district covers Manhasset and parts of Great Neck and north New Hyde Park. Commissioner terms are for three years.
“About a year ago I was approached by various members of the Manhasset Lakeville Fire Department, asking me if I would be interested in running for the office of the Fire/ Water
Commissioner,” said Sauvigne. “Although I was honored to be considered, I wasn’t sure the timing was right, so I put the decision off for a year. In the meantime, when the communication tower controversy occurred in October of 2013, I knew it was time to get involved.”
Last Updated (Monday, 29 November 1999 19:00) Thursday, 27 November 2014 00:00
When it comes to fitness, getting off the couch is half the battle.
Plenty of people start each day with the best of intentions, but plans to eat healthy and get to the gym often fall by the wayside with even the most shoddy of excuses. But a New
Hyde Park native is bringing physical fitness to the front door with a mobile, personal traning regimen focusing on individualized one-on-one fitness, group sessions and corporate fitness.
Thursday, 27 November 2014 00:00
The students of Herricks High School were treated to a “Blast from the Past” as the Herricks High School Class of 1964 during this year’s Homecoming celebration. Approximately 60 members of the class of 1964 arrived at the high school on homecoming day for a tour of their alma mater. Most of these alumni had not been back to the high school since graduating 50 years ago.
All were impressed with the changes that have taken place and with the friendly demeanor of our high school students. One alumnus became teary eyed when he ventured out into the courtyard.
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.