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BREAKING NEWS

Deficit in Nassau

nassau county

 

Nassau County is facing a $71.6 million deficit by year’s end, after a three-year employee wage freeze was lifted and sales tax revenues cratered, the county legislature’s budget office reported yesterday.
The projected deficit does not include the estimated cost of $70 million in commercial tax refunds, which the county traditionally has paid by borrowing, according to a midyear report by the legislature’s bipartisan Office of Budget Review.
“County finances are at a cross road,” said Budget Review director Maurice Chalmers in the 9-page report. Although County Executive Edward Mangano has taken steps to increase revenues and cut expenses, Chalmers wrote “the county has lost its financial flexibility to absorb uncertainties.”

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