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June 29, 2011

COMPTROLLER MARAGOS: NASSAU COUNTY 2010 YEAR-END AUDITED FINANCIAL RESULTS SHOW A $26.6 MILLION SURPLUS

Nassau County Comptroller George Maragos today released the audited Comprehensive Annual Financial Report (CAFR) for the 2010 fiscal year and reported a budgetary surplus of $26.6 million. Comptroller Maragos had anticipated a $17.2 million surplus in March, 2011. However, as a result of the County and its various agencies closing their accounting records and completing their audits, net adjustments of $9.4 million were recognized. A significant portion of the adjustments ($15.3 million) related to an over accrual of a debt service reserve by the Nassau County Interim Finance Authority (NIFA). Included in the $26.6 million surplus was $4.1 million from operations, $13.1 million from an accounting change and $9.4 million from the previously stated over accruals and other audit adjustments.

"The audited results confirm the remarkable achievement by the Mangano Administration which turned a budgetary deficit of $133 million at the beginning of 2010 into a $26.6 million surplus,” Comptroller Maragos stated. “This was achieved after repeal of the 2.5% energy tax, and no property tax increase while absorbing double digit increases in pension costs, and health care costs. The $26.6 million is real money that will be added to the County’s Fund Balance. As a result, the fund balance has increased from $64.2 million to $90.8 million.”

The County’s structural gap ended at $137.6 million, which was a 45% improvement over the prior year. Such improvement was a result of reduced use of borrowings, and one shot revenue sources to pay for operating expenses, as was customary in the past.

The County’s long-term debt for 2010 totaled $3.6 billion ($1.2 billion relates to property tax refunds), which was a net increase of $140 million over the prior year. The County’s estimated future liability to fund health-care benefits for employees is approximately $3.9 billion, which is an increase of $300 million from the prior year.

The County’s financial results were audited by Deloitte & Touche LLP, an independent certified public accounting firm. The CAFR reports on the finances of various funds and component units of the County, including NIFA, the Nassau County Tobacco Settlement Corporation, the Nassau County Tobacco Securitization Corporation Residual Trust, the Nassau County Sewer and Storm Water Finance Authority, the Nassau Community College, the Nassau Health Care Corporation, the Nassau Regional Off-Track Betting Corporation and the Nassau County Industrial Development Agency.

 

Comprehensive Annual Financial Report of the Comptroller for the Fiscal Year Ending December 31, 2010