NIFA takes over Nassau County's finances

A state financial watchdog voted unanimously today to take control of Nassau County's finances. Ronald Stack, chairman of the Nassau Interim Finance Authority (NIFA), says

UNIONDALE - A state financial watchdog voted unanimously today to take control of Nassau County's finances. Ronald Stack, chairman of the Nassau Interim Finance Authority (NIFA), says after months of review, he still does not believe County Executive Ed Mangano's (R-Nassau) 2011 budget is balanced.The county has until mid-February to once again revise its budget. Meanwhile, NIFA can approve or deny Nassau's short-term borrowing for operating expenses. The board, however, stopped short of declaring a financial emergency, which would have given it the power to freeze wages for thousands of county workers. Union leaders say they're concerned about possible layoffs and service cuts. Nassau County Attorney John Ciampoli says they're considering legal action against NIFA."In light of the fact that we have a budget that was proposed by the county executive, approved by the Legislature, and certified by the comptroller as balanced, I find it astonishing that someone would sit here in January, long before the books have closed, and say the budget is out of balance," he says.

Nassau County keeps control of its budget

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