For Immediate Release: June 20, 2014
Contact:
Lee.Park@gaming.ny.gov
*** PUBLIC NOTICE AND MEDIA ADVISORY ***
WHAT: Meeting of the New York State Gaming Commission
WHEN: Wednesday, June 25 at 11:00 a.m.
WHERE: Empire State Development Corporation
37th Floor Conference Room
633 Third Avenue
New York, NY 10017
***OPEN PRESS***
NOTE:
·
Members
of the public or media wishing to attend the meeting in person at
either location must contact the New York State Gaming Commission’s
press office at 518-388-3415 or
info@gaming.ny.gov by 3 p.m. on Tuesday, June 24. Space is limited.
·
All attendees must have valid photo ID to be admitted.
The
expected agenda and materials relating to matters that are scheduled
for discussion in open session will be posted on the Gaming Commission’s
Web site prior to the meeting in accordance
with the Public Officers Law.
###
Agencies maintain Nassau credit ratings but cite concerns
County spokesman Brian Nevin said Nassau County
Executive Edward Mangano's administration was "pleased that all three
rating agencies have maintained the county's credit rating during these
challenging economic times." (Credit: Newsday / J. Conrad Williams Jr.)
Mangano on the issues
Blog: Spin CycleTravel deals
Moody's Investors Service Thursday maintained its A2 rating on Nassau's general obligation debt, while Fitch Ratings affirmed its A rating of Nassau's long-term debt and continued its negative outlook.
On May 27, Standards & Poor's Rating Services affirmed its A+ long-term rating on the county's debt and left unchanged its SP-1+ short-term credit rating.
STAY UPDATED: News alerts, newsletters | Twitter | Facebook
County spokesman Brian Nevin said County Executive Edward Mangano's administration was "pleased that all three rating agencies have maintained the county's credit rating during these challenging economic times."
But all three rating services raised concerns about how Nassau will pay for the new labor deals, which the county's financial control board says will cost at least $130 million.
Moody's said the county has a stable fiscal outlook due to its wealthy tax base, manageable debt and oversight by the Nassau Interim Finance Authority, a state monitoring board that controls the county's finances.
But Moody's, which has downgraded Nassau's credit rating twice since 2010, said the combination of "highly volatile sales taxes" and the new labor deals will "exacerbate" pressure on the county budget.
Nassau's contract with four county labor unions will provide raises totaling 13.4 percent over four years.
Mangano said the county will fund the raises in part through increased sales tax, revenue from 56 speed cameras that will operate outside county schools and $15 million in new county fees. The county faces a projected deficit of $122 million in 2014, NIFA said last year.
NIFA has given Mangano until June 30 to amend his four-year budget plan and show how he will pay for the labor contracts.
Nassau Legislature votes to hike wide range of fees
Eugene Nickerson Beach in Lido Beach has special events and a summer recreation program for children ages 5-12. (Credit: Flickr/Jim Groom)
Related media
Fee hikes: Details
Search Nassau salaries
Data: Nassau pay raises
Nassau 2012 payroll
Nassau County property tax refunds
Mangano through the years
Travel deals
The increases and new fees -- ranging from a $1 admission bump at county museums to a $275 contract registration fee for county vendors -- were proposed by County Executive Edward Mangano as a way of generating an estimated $15 million in new revenue, and helping to offset the cost of new labor contracts.
County department heads said the fee increases were necessary to cover higher maintenance expenses at county parks and losses from traffic ticket scofflaws.
MORE: Details: Fee hikes | Poll: Do you support hikes?
SEARCH: Nassau County salaries | Nassau County overtime | Nassau County raises | LI town and city payrolls
"The fees bring the county on par with other municipalities and represent the costs associated with delivering services," said Tim Sullivan, deputy county executive for finance.
But the plan sparked opposition, with Legis. Michael Venditto (R-Massapequa) joining eight Democrats in voting against the increases.
Several county residents, including seniors and veterans, spoke out against the increases during public comment, arguing that they would add up for residents who frequent county parks, golf courses and beaches.
"I pay full taxes -- I own the facilities, not the guy who comes from New York City to play a couple of rounds," of golf, said Bob Young of Merrick. "I understand that it may be necessary to raise fees, but I've got a problem with them."
With Venditto and county Legis. David Denenberg (D-Merrick) competing for an open State Senate seat, the fee increases provided fodder for political debate Monday.
Denenberg blasted the increases as "backdoor tax increases." Legis. Richard Nicolello (R-New Hyde Park) shot back that Denenberg and other Democrats had approved fee increases when former Democratic County Executive Thomas Suozzi was in office.
"The fee increase today is what we are debating," Denenberg responded. "Talking about 10 to 15 years ago doesn't change what we're debating now."
Claudia Borecky, a South Shore civic activist and former legislative aide to Denenberg, asked Venditto during a public comment period why he had been absent when the Finance Committee, controlled by majority Republicans, had voted earlier to approve the fee increases.
"You could have stopped these fees in committee," she said.
Venditto did not respond from the dais.
The fee increase bills, which Mangano is expected to sign, would raise the price for a daily parking pass at Nickerson Beach for Nassau residents with a Leisure Pass from $8 to $10. More than 15,000 Nassau residents paid the daily beach parking fee last year, according to county figures.
Admission for adults at Old Bethpage Village Restoration would go from $10 to $11, and maximum admission at Tackapausha Museum and Preserve in Seaford would go from $3 to $4. Prices for a cabana at Nickerson would rise from $3,400 to $3,750.
In a 13-6 vote, the legislature also approved new processing fees for the county's Traffic and Parking Violations Agency, including $15 for scofflaws who fail to respond to tickets and $75 for motorists who don't appear for hearings. Vehicles with two delinquent unpaid traffic tickets could be booted.
Majority Leader Kevan Abrahams (D-Freeport), Legis. Ellen Birnbaum (D-Great Neck) and Legis. Judy Jacobs (D-Woodbury) joined Republicans in voting for the measure.
HI-
Thanks for
the help. The item’s below. I’d be happy to mail you a copy,
if you give me a mailing address.
Claude
Solnik
(631)
913-4244
Long
Island
Business News
2150
Smithtown Ave.
Ronkonkoma, NY 11779-7348
Home > LI
Confidential > Stop
scratching on holidays
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just that back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
Fitch said the labor contracts would provide "long-term savings and bring cost certainty to the budget."
But the county's "favorable position is tempered" by higher salary expenses that will be funded with "unproven revenue sources," Fitch said.
Fitch lowered Nassau's credit rating in June 2013 from A+ to A. Downgrades typically result in increased borrowing costs.
S & P maintained the county's stable outlook, citing the county's progress in "restoring structural balance." But S & P said Tuesday that Nassau's financial flexibility remains "weak" because of rising health care and pension costs, "economically sensitive" sales tax revenue and continued borrowing to pay for property tax refunds.
S&P said that if Nassau does not make structural adjustments to its finances, it could drop the county's credit rating during the next two years.
No comments:
Post a Comment