MINEOLA, N.Y. (CBSNewYork) – Nassau County will carry a larger than anticipated deficit for the next four years, a state control board has estimated.
In its first analysis of County Executive Ed Mangano’s 2014 budget, the Nassau Interim Finance Authority, or NIFA, is projecting a $122 million budget deficit next year in Nassau County with larger than projected deficits through 2017.
As WCBS 880 Long Island Bureau Chief Mike Xirinachs reported, the legislature has begun its review of Mangano’s $2.79 billion budget proposal and they’re expressing deep concerns that the spending plan relies to heavily on borrowing.
NIFA’s executive director said at a meeting Wednesday night all the money problems in the county “necessitate” continuation of the state control board.
The Republican’s budget proposal, unveiled last month, does not raise taxes and holds the line on spending.
The plan would trim spending by $1.2 million, with the funds coming from early childhood intervention and special education programs, according to Newsday.
Mangano’s challenger and former county executive Tom Suozzi has said the budget plan does nothing to solve the county’s debt.
The legislature has until the end of the month to pass a budget.
In addition to the projected budget issues, NIFA said this year’s estimation is also off. County Comptroller George Maragos in June projected that the county would end the year with a $41.6 million surplus, but NIFA said Nassau will likely have a $100 million budget gap at year’s end, Newsday reported.
Meantime, both major party candidates for county executive are blaming each other for the financial mess in new campaign ads.
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