Written by George Maragos Friday, 04 January 2013 00:00
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.
Friday, 19 September 2014 08:29
A group of Levittown parents are voicing their concerns with letting their children walk to school, since it would mean they would continue to cross Hempstead Turnpike.
“My kid has to cross [Hempstead Tpke.] daily without a crossing guard,” said Division Avenue parent Wendy Lantigua.
For Lantigua and others, the dangers of Hempstead Turnpike became all to real after 13-year-old Brianna Soplin was struck and killed by a hit-and-run driver, last June. Not to mention the fact that another 14-year-old Levittown student suffered multiple injuries after being struck in hit-and-run, last February.
Saturday, 20 September 2014 00:00
On Sept. 14, Hempstead town officials joined family and friends of fallen New York City paramedic Rudy Havelka, to unveil the re-dedication of Birch Lane in Levittown.
While surviving the World Trade Center attacks on Sept. 11, 2001, Havelka wou ld later die of an illness related to his service at Ground Zero.
Friday, 19 September 2014 08:34
The annual One Love Long Island (OLLI) Yoga Festival takes place at the Sands Point Preserve on Sunday, Sept. 21 from 8:30 a.m. to 6 p.m. All profits will be donated to organizations that support survivors of human trafficking, locally and globally.
The festival will unite 16 Long Island yoga studio communities in a round robin of the traditional yogic practice of 108 Sun Salutations from 9:30 a.m. to noon, whose offerings will look to create long-term and sustainable solutions to eradicate the human trafficking epidemic by raising funds and awareness for the cause.
Friday, 19 September 2014 08:33
As a fitness coach and a mother, Melissa Monteforte of Locust Valley knows how important it is to stay healthy, and how difficult it can be for women to make themselves, and their health, a priority. Wanting to help women take charge and feel more in control, she organized the Fit & Healthy Mamas Annual 5K run, now in its third year, which took place on Saturday, Sept. 13 at Eisenhower Park in East Meadow.
“I felt like running was the best outlet when I became a mother; it’s such a great way to get fit and feel healthy and I wanted to share that with other moms,” says Monteforte, 31. “I wanted women to feel celebrated, no matter their fitness level, and to put their health first.”