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Nassau County Comptroller’s Report

Budget Holds The Line On Spending And Taxes

The adopted $2.8 billion Nassau County budget for fiscal year 2013 represents a 0.2 percent decrease in spending compared to the 2012 budget. For the third consecutive year, the budget holds the line on property taxes with no increase.

The budget is fiscally conservative containing only $60.1 million of revenue and expenditure items considered as having risk. This is the lowest amount of budgetary risk in over four years. The $60.1 million at risk is comprised of $39.1 million in possible lower revenues and $21 million in possible higher expense. This level of risk is about 2 percent of the total budget and should be manageable. 

Using Generally Accepted Accounting Principles (GAAP) as defined by the Nassau County Interim Finance Authority (NIFA), the projected risk is $125.1 million. However, the NIFA GAAP risk still represents an 11 percent improvement over 2012 and a 32 percent improvement from 2009. The distinction between the risk as presented under the budgetary basis and the NIFA GAAP basis is attributable to the different treatment of certain revenues and expenses. NIFA GAAP excludes certain income from investments, bond premiums and bond proceeds used to pay expenditures.

The adopted 2013 budget continues the improving fiscal trends established over the last three years by:

• Reducing the Structural Gap to less than $35 million, an 86 percent improvement from the peak in 2009 of $252 million;

• Controlling spending to just 1.3 percent over recurring revenues, the lowest margin since 2004;

• Reducing borrowing to $140 million, approximately 44 percent lower than the average annual borrowing over the prior 5 years, primarily for capital project investments.

The principal budgetary challenges facing the county are its low fund balance, which stood at $40.5 million at the end of 2011, the continuing skyrocketing pension contributions, and the unrelenting increases in state and federal mandated costs. At the same time, the county revenues are essentially flat due to the weak economy. The rating agencies have noted these challenges, evidenced by a Moody’s downgrade in October. The administration, NIFA and the legislature need to work together to address these growing challenges in 2013 and beyond.


News

Alan W. Clark, Esq., managing partner and founder of the Levittown-based law firm Alan W. Clark & Associates has again been named a leading personal injury and medical malpractice plaintiff attorney in the 2014 New York Metro Super Lawyers publication for his seventh consecutive year.

Super Lawyers is a Thomson Reuters rating service of outstanding lawyers from more than 70 practice areas. The comprehensive roster represents no more than 5 percent of lawyers in each state who have attained high peer recognition, professional achievement and met ethical standards. With a patented multi-phase, sophisticated selection process, Super Lawyers is based on peer nominations and evaluations combined with independent third party research.  

Firehouse Subs announces the grand opening of its first Long Island location in Levittown on Oct. 17. The award-winning fast casual restaurant chain is famous for serving premium meats and cheeses steamed piping hot and piled high on a toasted sub roll, which is served “Fully Involved” with fresh produce and condiments. Founded by former firefighting brothers, the restaurant’s firehouse décor is based on the founding family’s decades of fire and police service, and the new location is decorated with firefighter memorabilia from the Levittown Fire Department.


Sports

Four Division Avenue High School seniors have signed national letters of intent to play baseball at local universities next fall. All four players were instrumental in winning the 2014 Nassau County Championship.

 

Tyler Epple has committed to play baseball at Concordia University. He is a two-year starter as third baseman for the Blue Dragons and was named All-Conference as a junior player. Epple currently boasts a batting average of .357 with 19 RBIs and 24 runs scored.

 

The Island Trees Squirts Rockets U-6 team met with town officials, Supervisor Kate Murray and Councilman Gary Hudes at the 2014 Island Trees Soccer Club Opening Day Parade and Ceremony held at Stokes Elementary School. Pictured also with the Rockets U-6 team is President Joe Badolato, Event Coordinator Keri Cinelli, Equipment Commissioner Chris Blum, Travel Commissioner Mike Rich, Vice-President Brian Fielding and Rockets U-6 Coach Gina Weyland.



Calendar

Current Expressions Art Exhibit - Through October 

Senior ID Card Program - October 30

Veterans' Parade - November 2


Columns

1959: The Year The Music Stopped Playing
Written by Michael A. Miller, mmillercolumn@gmail.com

The Eccentric Heiress Of ‘Empty Mansions’
Written by Mike Barry, MFBarry@optonline.net

Yellow Margarine And A Pitch For The Ages
Written by Michael A. Miller, mmillercolumn@gmail.com