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July 15, 2013

MARAGOS RELEASES AUDITED 2012 FINANCIAL RESULTS AND CONFIRMS $41.5M SURPLUS

FUND RESERVES INCREASED TO $82M

Mineola, NY- Nassau County Comptroller George Maragos released today the audited fiscal year 2012 Comprehensive Annual Financial Report (CAFR) and confirmed the County finished with a $41.5 million budgetary surplus in its primary operating funds. The surplus was achieved primarily through expense reductions and lower debt servicing costs. The surplus includes $9.7 million in unanticipated costs to help the County’s residents recover from Superstorm Sandy.
“The County ending 2012 with a significant surplus is evidence that the County continues to move in the right direction without having to increase the burden on our taxpayers,” Comptroller Maragos said. “The County’s efforts to reduce expenses were also recently recognized by Governor Cuomo with a $5 million award for cost cutting initiatives. Nassau County was only one of two municipalities on Long Island to receive this prestigious honor.”

Under Generally Accepted Accounting Principles (“GAAP”) as required for governmental financial reporting, the County’s independently audited financial statements for the fiscal year reported a surplus of $27.5 million in the primary operating funds. The GAAP surplus is lower than the budgetary surplus due to adjustments that are required for reporting purposes, such as the adjustment to match the pension contribution expense to the proper time period. Under Nassau Finance Interim Authority (NIFA) rules, which exclude other financing sources of revenues, the County ended 2012 with a negative $85.5 million, which is a 54% improvement compared to the negative $184.3 million recorded in 2009, under the previous Administration.

Comptroller George Maragos concluded that, “the financials of the County have significantly improved by all measures since 2009 under the previous Administration. My office will continue to monitor the budget and warn of the challenges the County will be facing going forward. Currently, the wage freeze court challenge lingers as a potentially large liability while the long-term certiorari liability risk has been reduced by the new cooperation between the Administration and the Legislative minority.”

Additional notes:

  • Due to the surplus, the fund reserve was replenished by $41.5 million to approximately $82 million.
  • Copies of the 2012 Comprehensive Annual Financial Report are available on the Comptroller’s website or by request.

PDF 2012 Comprehensive Annual Financial Report (CAFR)

Connect with Nassau County Comptroller Maragos Online:
http://www.nassaucountyny.gov/agencies/Comptroller/index.html

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