July 29, 2008

Comptroller Weitzman Releases ‘plain language’ Financial Report

Gives taxpayers a snap shot of County’s finances

For the first time since 1973, the Nassau County Comptroller has issued a plain-language financial condition report aimed at providing Nassau County taxpayers with a summary of the County’s finances presented in a simple and easy-to-read format.

“This 2007 Financial Condition Report represents the first of its kind in over three decades,” said Comptroller Howard Weitzman. “It combines readability with accountability and represents a snap shot of Nassau County’s fiscal health as of December 31, 2007.”

The 16-page Financial Condition Report also includes key economic and demographic statistics about living and working in Nassau County.

The Comptroller will distribute the report in an environmentally sound way that will also save taxpayers hundreds of thousands of dollars. 

“Instead of printing thousands of copies of the report and mailing it to every County household,” Comptroller Weitzman, “my staff will mail out under 1,000 copies of the report to reference libraries, schools and other research institutions, at a fraction of the cost. In addition, for the first time, the report will be sent out through a green distribution network.”  The office has contacted hundreds of civic organizations and community groups who have agreed to forward the report in electronic ‘PDF’ format through email to their membership.  The report is also available to the public from the Comptroller’s website.

The Financial Condition Report is being issued as a complement to the annual Comprehensive Annual Financial Report (CAFR). Nassau County’s CAFR, which has received national recognition annually from the Government Finance Officers Association for excellence in financial reporting, is prepared under the demanding rules of the Government Accounting Standards Board and is audited by the County’s independent outside auditors.  The 2007 Financial Condition Report summarizes and simplifies much of the same information.

The Financial Condition Report presents the County’s 2007 results in the context of discussing the County’s fiscal turn-around since 1999, pointing out the 13 bond upgrades Nassau County has received between 2002 -2008.  The report also explains the challenges facing the County as it strives to achieve balance between recurring revenue and recurring expenditures, and struggles to absorb the cost of property tax refunds for the county, towns, special districts and schools within its operating budget.  The report provides information about the County’s revenues, sales tax, property tax, expenditures, year end results and structural balance, along with demographic facts and figures about Nassau County.

“It’s the right of all County tax payers to know how their tax dollars are being spent,” said Weitzman. “Financial reports shouldn’t be a mystery. This plain language version of a more complex document makes it easier for everyone, even if they don’t have a degree in accounting, to understand how their County’s finances work.”

Organizations or individuals who want copies of the report can download it directly below:

Nassau County 2007 Financial Condition Report

or email the Comptroller at NCComptroller@nassaucountyny.gov or call the office at 516-571-2386.  The Comptroller’s office will mail out individual copies of the report on request.