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Posted on: July 13, 2016

[ARCHIVED] Maragos: Audited 2015 County Financials Confirm $28M GAAP Surplus

Mineola, NY- Nassau County Comptroller George Maragos released the audited fiscal year 2015 Comprehensive Annual Financial Report (CAFR), confirming that the County ended the year with a $28.0 million surplus for the primary operating funds on a Generally Accepted Accounting Principles (GAAP) basis. The surplus in the primary operating funds was achieved primarily through $141.3 million in borrowing to pay for certain operating expenditures. On a budgetary basis (not GAAP), the County ended with a $57.1 million surplus which includes $15 million of prior year fund balance. However, once financing sources excluded by NIFA were removed from consideration, the County ended with a negative $125.3 million deficit. On account of the budgetary surplus of $57.1 million, the County’s fund balance (cash reserves) increased by $42.1 million to $163.1 million. The County’s independent audit firm is RSM US LLP.
“The County’s 2015 financial results are mixed,” stated Comptroller George Maragos. “Although the financial results demonstrate a significant surplus, it was achieved primarily through borrowing. Nevertheless, the budgetary surplus has increased the County’s cash reserves to a strong $163.1 million.” The GAAP surplus is lower than the budgetary surplus due to GAAP-required adjustments, such as a requirement to match pension contribution expenses to the proper time period. In addition, the Administration moved $8 million to the Retirement Contribution Reserve Fund to reduce future pension costs for non-police department employees. Had this transfer not taken place, the ending fund balance would have been $8 million higher.

The 2015 Comprehensive Annual Financial Report can be viewed here

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