WOODBURY - The Nassau Interim Finance Authority (NIFA) is expected to decide whether to take over Nassau's finances if it rules that the county's budget is not balanced.
County Executive Ed Mangano (R-Nassau) had until today to prove he could balance the books. He insists that his 2011 budget is sound and actually has a small surplus.
Mangano says he's spent the last year slashing budgets, reducing staff and creating efficiencies to make sure the county is fiscally stable and avoid a NIFA takeover.
Critics, however, have called some of Mangano's budget cuts unrealistic.
If Nassau County does end up losing control of its finances, it would be forced to halt the short-term borrowing it uses to pay day-to-day bills. In addition, union workers' wages would be frozen and there could be social-service reductions.
If the takeover is approved, it is expected that NIFA would be hit with a slew of lawsuits challenging its decision.
Nassau County keeps control of its budget
NIFA deciding fate of Nassau's budget Exec. Mangano unveils more cuts in 2011 Nassau budget