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The original item was published from 8/9/2017 3:36:00 PM to 1/2/2018 1:40:10 PM.

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Posted on: August 9, 2017

[ARCHIVED] Maragos: Audited 2016 County Financials Reflect $27.1M GAAP Surplus

Maragos: Audited 2016 County Financials Reflect $27.1M GAAP Surplus

 Mineola, NY: Nassau County Comptroller, George Maragos released the audited Comprehensive Annual Financial Report (CAFR) for the fiscal year ended December 31, 2016 reflecting that the County ended the year with a $27.1 million surplus in the primary operating funds on a Generally Accepted Accounting Principles (GAAP) basis. This surplus is $10.9 million lower than initial unaudited projections, due to the recording of additional accrued liabilities.

The surplus was achieved by using, in effect, $39.6 million of the $105.8 million in borrowing to pay for operational expenditures and transferring $66 million to non-primary funds, including$49.3 million into the Litigation Fund, $13.1 million into the Employee Benefit Accrued Liability Fund and $3.6 million into the new Bond Indebtedness Reserve Fund. Between the increase in cash reserves outside the primary funds and the $27.1 million GAAP surplus, the County’s total fund balances on a GAAP basis increased by $61.3 million to $170.5 million as of year-end 2016.

On a NIFA presentation basis, the County ended with a negative $83.1 million, which excludes the other financing sources used to pay for operating expenditures. The long-term debt of the County and its blended component units ended 2016 at $3.634 billion, a decrease of $143.0 million or 4.1% over 2009. Other long-term liabilities for property tax refunds, deferred pension costs and the utility litigation, decreased by $20.9 million to $849.8 million at year-end.

“The County made significant progress in reducing its reliance on borrowing and decreasing its long term debt while ending with increased fund balances of over $170.5 million as of December 31, 2016,” said Comptroller George Maragos. “The borrowed amount in 2016,however, could have been lower still as more than 50% was unused and went to increase various fund balances that appear structured to pay future operating expenses. This action may skew future financial results. The non-debt long-term liability remains large and must be addressed.”The 2016 Comprehensive Annual Financial Report can be viewed here.

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