Comptroller: Nassau budget would create $75 million deficit; urges stronger fiscal footing
Comptroller George Maragos had a grim outlook for the nearly $3 billion proposed budget in Nassau County.
During a meeting with the Nassau Legislature, Maragos projected a deficit of $75 million if the budget is passed. He says the budget includes almost $200 million in increased spending for property tax refunds, employee termination expenditures, higher overtime costs, fringe benefits and contractual services.
Nassau County Executive Ed Mangano's spending plan includes a 2.2 percent property tax hike. Mangano has called the hike a last resort measure to offset a drop in the county's main source of revenue: the sales tax.
Mangano's press secretary told News 12, "The budget protects homeowners by participating in Gov. Cuomo's Property Tax Freeze Credit Program and follows the NIFA-approved plan to pay off debt overtime without burdening taxpayers in a single year."
Still, Maragos urged lawmakers, NIFA and the Mangano administration to take "immediate steps as part of the 2015 budget to place the county on stronger fiscal footing."