Nassau OTB, a public benefit corporation, whose bonds are guaranteed by Nassau County must be open 365 days of the year just like the New York State Lottery and NY Slot machines.
Who needs a school zone camera when you can bet on a horse and win money and not have your pocket picked by Nassau County.
A Wall Street rating service Friday revised its outlook on Nassau
County's long-term debt from "negative" to "stable," citing progress in
reducing the budget deficit.
But Fitch Ratings, which downgraded Nassau's credit rating
in June 2013 from "A+" to "A," also noted that the county has limited
financial flexibility, weak financial reserves and is dependent on
"economically sensitive" sales tax revenues.Fitch maintained its "A" rating on Nassau's $1.6 billion in long-term debt, noting the county's improved relationship with the Nassau Interim Finance Authority, a state monitoring board that controls the county's finances, and its reduced reliance on cash flow borrowing.
"The 'A' rating and stable outlook incorporate Fitch's expectation that the county will continue to make modest progress in sustainable deficit reduction to maintain a stable, albeit tightly balanced financial profile," Fitch said in the report.
County Executive Edward Mangano said the "improved outlook reflects the progress government leaders have made in coming together in a bipartisan manner to address decades of poor fiscal policies."
Fitch said Nassau is facing serious financial challenges on multiple fronts. It said that in 2014, the county is projecting a $48.5 million decrease in sales tax revenues compared with projections. Nassau also is projecting $19.6 million less in state and federal aid reimbursements and $18.6 million in higher salaries due to contractual increases compared with 2013.
Partially offsetting the reduced revenues and cost increases are $20.3 million in debt service savings; $12.9 million in lower-than-anticipated fringe benefit expenses and $14.2 million in new school speed-camera revenue, Fitch said.
The agency also cited a bill passed this year by the State Legislature that aims to overhaul Nassau's tax grievance system. County officials say the measure would require commercial property owners who grieve their taxes to pay into an escrow fund pending the outcome of their appeals, saving Nassau $80 million per year,
Some business owners expressed concern that the plan will drive up taxes, while school district officials questioned the impact it would have on school budgets. Mangano has said the districts would receive 100 percent of the taxes they are requesting from commercial property owners.
In May, Standards & Poor's Rating Services affirmed its "A+" long-term rating on the county's debt while Moody's Investors Service maintained its "A2" rating on the county's general obligation debt.
Some business owners expressed concern that the plan will drive up taxes, while school district officials questioned the impact it would have on school budgets. Mangano has said the districts would receive 100 percent of the taxes they are requesting from commercial property owners.
In May, Standards & Poor’s Rating Services affirmed its “A+” long-term rating on the county’s debt while Moody’s Investors Service maintained its “A2” rating on the county’s general obligation debt.
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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.
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