Written by Rich Forestano, email@example.com Friday, 07 December 2012 00:00
Teacher retirement in the Mineola School District could affect next year’s tax levy, which has a state-imposed 2 percent limit that was put into law in 2011. Finance Superintendent Jack Waters revealed that the district could have $800,000 exempt from the cap due to the estimated retirement costs that would go into effect in the 2013-14 school year.
Waters said the Teacher Retirement System (TRS) increases for next year is about $1.5 million. Mineola under state law could put out a 3.05 percent increase for the next year, with half of the estimated TRS cost spikes not included, leveling out piercing the cap, a move the district does not want to make.
Pension cost estimations, according to Waters, could be anywhere from 15.5 to 16.5 percent or $5.9 million. Employee cost rates for this year is 11.84 percent, with an estimated increase of 4.16 percent next year. The 2012-13 TRS payroll totals $37 million.
The first 2 percent of the employee cost rate is included in the levy cap calculation, according to Waters. Any increase over the 2 percent is exempt from the levy cap, which means if the district chooses, it can exceed the cap.
“It still has to be paid,” Waters said. “For example, where the first 2 percent has to be included in the levy cap, $740,000 is part of the calculation we have to prove to the state that this is where our pension costs are. The additional 2.16 percent ($800,000) is outside the cap and would be reflected as an exempt amount in terms of proving to the taxpayer that we have complied with the 2 percent [cap].”
Last year’s tax levy totaled $76,242,180. Waters said regardless of the exemption, the district would still work to not float a 3.05 tax levy increase.
“We would go out with a tax levy of 3.05 for the 2013-14 year but we would comply with the state saying the 1.05 [percent] is exempt. [The 3.05 percent] is something, all things being equal I don’t think we’re going to work towards.”
District Superintendent Michael Nagler pointed out that TRS alone is more than the 2 percent cap, “which is not good. What will be allowed under the law of the cap, we would be allowed to go out with 3 percent. That would be within the cap parameter. So it’s kind of a misnomer that you get this exemption; it’s a bad word because you’d think you’d be exempt from paying it, you’re not. It just doesn’t figure in to the 2 percent [state cap].”
Nagler noted that the TRS budget line is significant in how the district crafts a budget for next year. In May, the district floated and passed a $83,992,180 budget, a decrease of $229,458 or a 0.27 percent drop in spending from 2011-12.
“The levy calculation this year has some added twists in it,” said Nagler. “ Putting a budget…our norm has been around 2.5 [percent] over the last four or five years. It’s going to be a challenge to get to that number this year, but we haven’t really started crafting the budget yet. We’re just looking at big numbers. When we start to apply how we craft the budget, we’ll have news on this as we go along. This number is pretty astronomical and there’s no indication that this is leveling off.”
Board President William Hornberger said according to State Comptroller Thomas DiNapoli, that Mineola should anticipate future increases in employee cost rates.
“Everything is dependent upon the global capital markets and what’s driving their rate of return,” Hornberger stated. “Last year’s rate of return for the fiscal year ending June 30 was 2.8 percent. Apparently, that wasn’t good enough.”
Saturday, 26 July 2014 00:00
The Village of East Williston was recently ruled against in the second round of lawsuits with neighboring Village of Williston Park involving the latter’s water rates—establishing a 13 percent increase from $3.83 per 1,000 gallons of water to $4.33.
Village of East Williston Mayor David Tanner said that the lawsuit, “still does not resolve the underlying problem between the villages, which is we feel that we’re being charged too much for water—the cost is excessive.”
Tanner said the village is still calculating the financial impact will be, and that the village has been making payments in escrow for every water bill received.
Friday, 25 July 2014 00:00
Only once a year a 25-foot movie screen sits in the middle of Wilson Park in Mineola, ready to entertain residents. This year’s Movie Night in the Park feature The LEGO Movie, sponsored by the Village of Mineola and Mineola Chamber of Commerce on Friday, July 18.
The event, which was free of charge to all of the moviegoers, was meant to help promote local Mineola businesses, according to president of the Mineola Chamber of Commerce Bill Greene.
“Small businesses are the backbone of the American industry, and we feel that this is a great way of giving back to the community with hopes that they’ll remember to shop locally,” said Greene.
Thursday, 24 July 2014 00:00
Runners from all over Long Island came to run at the fourth annual Katie Oppo Memorial 5K on Sunday, June 15. The runner first across the finish line was Mineola resident Michael Mariotti, general manager, owner and host of the famous local restaurant Cafe Continental in Manhasset.
The day was glorious as the runners and walkers began their trek through Flower Hill from the starting line at Flower Hill Park. Organizers of this year’s event made the race a USATF Certified 5K race, timed by Long Island Race Timing.
Thursday, 17 July 2014 00:00
Mineola Hurricanes lost a battle of the bats on Sunday, June 29, at St. Joseph’s Field in Kings Park, falling short in a 9-8 ball game against the St. Joseph’s Saints in the first game of a doubleheader.
The top of the first saw the Hurricanes take an early 2-0 lead. The runs came home for the Hurricanes when T.J. McManus scored on an error and Connor Eakin scored on a fielder’s choice. The Saints never surrendered the lead after the first inning, scoring five runs on two errors and an RBI single by Jonathan.