Nassau County faces grim economic future

Nassau County Executive Tom Suozzi is warning residents the county could face major financial setbacks for 2009. About half of the county's revenue comes from sales tax, which is slumping. The county

News 12 Staff

Aug 5, 2008, 1:04 PM

Updated 5,828 days ago

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Nassau County Executive Tom Suozzi is warning residents the county could face major financial setbacks for 2009.
About half of the county's revenue comes from sales tax, which is slumping. The county looks like it could finish the year with a $9.4 million surplus but next year is uncertain.
"We are facing some tough economic times," says Suozzi.
Suozzi says higher taxes and layoffs are a real possibility for Nassau County.
"We have to consider a tax hike," he says.
A 5 percent tax hike would cost the average homeowner $75. Nassau is facing a $110 million budget shortfall next year that would require a 14 percent increase to break even.
Suffolk County Executive Steve Levy describes the sales tax revenue picture as "stale." Levy says despite the grim future it's too early to talk about a property tax hike.
For more on Nassau's budget problems, go to channel 612 on your iO digital cable box and select iO Extra.


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