NIFA meets to discuss Nassau County's upcoming budget, issues warning about looming deficit

The Nassau Interim Finance Authority met Wednesday night to discuss County Executive Ed Mangano's 2014 budget. Following a lengthy review of the county's multi-year fiscal

NIFA officials say they're mainly concerned with the county's reliance on borrowing.

NIFA officials say they're mainly concerned with the county's reliance on borrowing. (10/10/13)

UNIONDALE - The Nassau Interim Finance Authority met Wednesday night to discuss County Executive Ed Mangano's 2014 budget.

Following a lengthy review of the county's multi-year fiscal plan, NIFA estimates the county's budget deficit will grow in each of the next four years. By 2017, the deficit may swell to more than $200 million.

NIFA officials say they're mainly concerned with the county's reliance on borrowing, which has helped with temporary cash flow, but will ultimately result in financial instability.

In response to the findings, Deputy County Finance Executive Tim Sullivan says he is thankful NIFA highlighted the cost-cutting measures Mangano took to help close the budget gap inherited from predecessor Tom Suozzi.

However, Suozzi says that the report proves that the incumbent Mangano is fiscally irresponsible, and that he has zero financial credibility. 

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