MINEOLA, N.Y. (CBSNewYork) – Financial statements revealed that Nassau County ended the 2011 fiscal year with a deficit of over $50 million.

County Comptroller George Maragos said that deficit was due, in large part, to 45 million dollars in promised property tax refunds that need to be paid out.

But despite the financial woes, Maragos promised that property taxes would not increase, WCBS 880’s Sophia Hall reported.

“The residents should not be alarmed with the $50 million deficit,” Maragos said. “There will not be a property tax increase.”

WCBS 880’s Sophia Hall With More:

He did warn, however, that county has a projected deficit of about $45 million for 2012.

“We will focus internally to make government more efficient and end 2012 in surplus,”  Maragos told 1010 WINS.

To help combat the debt, new red light cameras will be installed across the county in a bid to raise revenue.

“We recently got approval from the state to add red light cameras to 50 more intersections. That, we expect, will bring in an additional $45-to-$50 million.”  Maragos said.