May 30, 2014
Nassau County Issues Restated 2012 Financial Results
Mineola, NY- As previously announced, the Nassau County Comptroller’s Office issued today the restated 2012 Comprehensive Annual Financial Report (CAFR). The restatement was required to correct two errors related to the reporting of pension expense, and long-term obligations due to the County’s retirement plans. One error dated back to 2006. The first error resulted in a cumulative $87.3 million understatement of the pension expense as reported in the County’s governmental funds, in accordance with Generally Accepted Accounting Principles (GAAP), over a seven-year period (2006 – 2012). In the second error, the long-term obligation to the New York State Retirement Systems as of year-end 2012 was understated on the government-wide statements by $89.9 million.
The County’s results as reported on a budgetary basis were NOT affected and did not require restatement.
The restated CAFR is available here.
Connect with Nassau County Comptroller Maragos Online: