Maragos: County Trending 2017 with $57M GAAP Deficit

Maragos: County Trending 2017 with $57M GAAP Deficit

 
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MINEOLA, NY (TIP): Nassau County Comptroller George Maragos
 released the 2017 mid-year financial projections, which indicate that 
the County is trending to end 2017 with a $57.6 million deficit on a 
Generally Accepted Accounting Principles (GAAP) basis and the 
presentation mandated by the Nassau County Interim Finance Authority 
(NIFA). The Administration, however, is expected, to find revenue and 
expense opportunities to reduce the projected deficit, but may be hard 
pressed to achieve GAAP balance by year-end 2017. The projected GAAP 
ending fund balances are expected to decline to $67.8 million, down from
 $170.5 million at 2016, assuming the gap closing opportunities do not 
materialize.


“Although the County’s financials appear
 to have improved both on a GAAP and NIFA basis, and the long-term debt 
of the County decreased by over $100 million compared to 2009, the 
County’s fiscal challenges remain masked by the use of non-primary funds
 set aside in prior years to pay approximately $43.8 million in 
litigation expense,” said Comptroller George Maragos. “These same 
challenges will continue and increase in 2018 due to anticipated 
structural cost increases in labor, health care and other mandated 
costs.”


The noteworthy items affecting the 
budgetary projection are $10 million of risk in Income and Expense 
reporting revenue due to litigation, $60 million in lower bond proceeds 
for property tax refunds offset by a lower expenditure for property tax 
refund payments due to a 2016 accrual reversal, and a risk of $12.5 
million in payroll expense, primarily due to higher termination pay for 
an increased number of police officers retiring in 2017.


   



The total long-term debt for the County 
and its blended component units, NIFA, Nassau County Sewer and Storm 
Water Finance Authority (SFA) and the Nassau County Tobacco Settlement 
Corporation (TSC), are projected to decrease by $102.2 million to 
approximately $3.532 billion after pay-down of $243.8 million in 
maturing debt (see Section 6.4).  We understand that the Administration 
does not expect to issue any further long-term debt in 2017.

Source:https://www.theindianpanorama.news
/unitedstates/maragos-county-trending-2017-57m-gaap-deficit/

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