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.
Wednesday, 01 October 2014 00:00
Long Island Democrat David Denenberg has dropped out of the race for state Senate, after recent accusations that the Nassau County Legislator fraudulently billed his own law firm—
Davidoff, Hutcher & Citron—over $2 million for non-existent case work. According to published reports, Denenberg stated, “My family, the electorate, the campaign and this position are way too important to subject myself to such outrageous allegations and negative attacks against me personally. Therefore I withdraw from the race.”
Saturday, 27 September 2014 00:00
The founders of the popular Facebook group “Massapequa Moms,” a ‘virtual living room with 6,700 people,’ are leveraging their social media power to create a new discount loyalty card good all over Long Island—including, they hope, in Levittown.
With a hugely popular Facebook community, co-founders Dawn Boyle Kostakis and Stephanie Hartman wanted to “figure out a way that we could help the consumer and the business owner at the same time; keeping commerce going, keeping it all local and having the people get a little bang for their buck,” said Kostakis. They wanted to serve more than just Massapequa, too, and the Long Island Loyalty card was born.
Thursday, 25 September 2014 13:27
Saturday, Sept. 27
9 a.m. Boys Varsity Soccer Great Neck South at MacArthur
9:15 a.m. JV Football Lawrence at Division
10 a.m. Boys JV Soccer West Hemsptead at Division
10 a.m. Boys Varsity Soccer Division at West Hempstead
Thursday, 25 September 2014 13:25
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 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.”