The state oversight board that's in control of Nassau County's finances is threatening to take drastic measures if the GOP-controlled Legislature doesn't alter the 2016 proposed budget.

NIFA says County Executive Ed Mangano's budget has a deficit of up to $54 million, and it could be much higher than that if the Legislature rejects a plan to raise property taxes by 1.2 percent.

NIFA also says it is deeply concerned that the county is relying on borrowing to cover tax judgements and termination pay. The agency has promised to take drastic action on its own if the county doesn't act.

Democrats say they have better ideas on how to save money without a property tax hike. Republican legislators didn't want to talk on camera, but say they are working on ideas to save money as well. Both parties will submit their ideas or amendments this Thursday.

NIFA told News 12 last week that if the county can't come up with savings in the budget, it would consider taking over the budget process.

The Legislature is set to vote on the 2016 budget on Oct. 29.