Nassau faces potential $62M budget deficit
Nassau County is facing a potential budget deficit of nearly $62 million for 2015.
Comptroller George Maragos says the deficit exists because the county keeps borrowing money to pay for ongoing expenses.
"We are spending more than we are receiving in recurring revenues," he says. "That has caused a huge imbalance. It has caused an imbalance to mushroom to close to $250 million."
As previously reported, Nassau has had to borrow money to cover expenses including property tax refunds.
Maragos says the county has taken steps to help close the budget gap. One step includes offering early retirement incentives, which Maragos says could save Nassau about $20 million.
Legislator Kevan Abrahams says another way to cut costs is for the county to stop using outside counsel, which costs tens of millions of dollars a year.
Norma Gonsalves, the Republican presiding officer of the Nassau County Legislature, says the county's fiscal outlook will improve by the end of the year. "The county executive has a corrective action plan that should leave us with a moderate surplus at the end of 2015," she says.
Nassau County Executive Ed Mangano is expected to unveil details of the county's 2016 budget in two weeks.