NIFA votes down $23M Nassau borrowing request

Posted: Updated:
MINEOLA -

The fiscal oversight board monitoring Nassau's finances voted down the county's request to borrow $23 million to cover property tax refunds and a court settlement.

Adam Barsky, chairman of the Nassau Interim Finance Authority, says the county owes so many people so much money that it needs a clear plan on how to deal with its broader debt issues.

"$23 million borrowing isn't telling us much about how they're going to deal with a $300 million backlog," Barsky says.

The county wanted to reimburse itself for part of a larger court settlement paid to two men who were wrongfully convicted of raping and killing a Lynbrook teenager more than 30 years ago. 

Nassau Executive Laura Curran's office disputed NIFA's decision.

"We disagree with NIFA's pessimistic view of County Executive Curran's 2018 GAAP-balanced budget," said spokesman Michael Martino, using the acronym for generally accepted accounting principles. "We expect to have a surplus of $9.2 million in (fiscal year) 2018. However, the report once again proves that the county's finances cannot improve until the mountain of past cert debt we inherited is addressed."

NIFA has repeatedly named that debt the county's biggest challenge, Martino said. 

"The (County Legislature) majority's decision to not approve a home-rule vote June 18 that would have made it possible for NIFA to pay an estimated $360 million in past cert debt proves to be shortsighted," he concluded. "Nassau County will have to shoulder this burden without NIFA's assistance."

  • Top StoriesMore>>

  • LI’s new bishop accused of covering up priest sex abuse allegations in new report

    LI’s new bishop accused of covering up priest sex abuse allegations in new report

    Wednesday, August 15 2018 6:42 PM EDT2018-08-15 22:42:15 GMT
    Long Island's new bishop is named in a 900-page report that says 1,000 children and possibly more, were molested by about 300 Pennsylvania priests during the last 70 years.Long Island's new bishop is named in a 900-page report that says 1,000 children and possibly more, were molested by about 300 Pennsylvania priests during the last 70 years.

    Long Island's new bishop is named in a 900-page report that says 1,000 children and possibly more, were molested by about 300 Pennsylvania priests during the last 70 years.

    Long Island's new bishop is named in a 900-page report that says 1,000 children and possibly more, were molested by about 300 Pennsylvania priests during the last 70 years.

  • Forecast: Mostly sunny Thursday, scorching highs around 91

    Forecast: Mostly sunny Thursday, scorching highs around 91

    Wednesday, August 15 2018 4:34 PM EDT2018-08-15 20:34:28 GMT
    News 12 Long Island Weather CenterNews 12 Long Island Weather Center

    News 12 Long Island Weather

    News 12 Long Island Weather

  • Gov. Cuomo flubs attack on Trump slogan

    Gov. Cuomo flubs attack on Trump slogan

    Wednesday, August 15 2018 10:07 PM EDT2018-08-16 02:07:21 GMT
    In an attempt to mock President Donald Trump's "Make America Great Again" slogan, Gov. Andrew Cuomo shocked his audience at a bill-signing event Wednesday.In an attempt to mock President Donald Trump's "Make America Great Again" slogan, Gov. Andrew Cuomo shocked his audience at a bill-signing event Wednesday.

    In an attempt to mock President Donald Trump's "Make America Great Again" slogan, Gov. Andrew Cuomo shocked his audience at a bill-signing event Wednesday.

    In an attempt to mock President Donald Trump's "Make America Great Again" slogan, Gov. Andrew Cuomo shocked his audience at a bill-signing event Wednesday.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."