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
•
Aug 5, 2008, 1:04 PM
•
Updated 5,987 days ago
Share:
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.
More from News 12
1:17
Officials: 3 firefighters injured; multiple residents displaced by Jericho condo fire
2:47
Sunshine and cold temps on Long Island; rainy weekend ahead
Police: Woman dies after being found with stab wounds in Massapequa on Christmas Eve
1:02
Long Island flu cases on the rise
0:22
Police: 3 suspects wanted for dine and dash incident at Sayville restaurant
0:19
