State and local lawmakers sparred Wednesday over the future of Nassau's financial oversight.

County Executive Tom Suozzi, pointing to last year's budget surplus as proof the county is ready to stand on its own, believes it's time to end oversight by the Nassau Interim Finance Authority. NIFA was created by the state seven years ago after the county's finances fell into disrepair. The agency's mandate is set to expire at the end of the year.

"They've done a good job working with the county over the years, but it's time to move on," Suozzi said.

However, state Sen. Dean Skelos (R-Rockville Centre) would like the oversight commission to continue to have final approval over Nassau's spending through 2010.

In the coming years, Skelos said the county faces more than $600 million in deficits. He proposed a bill that would extend NIFA's mandate, but nobody has agreed yet to sponsor the legislation in the Assembly.

NIFA Vice Chairman Richard Kessel said the agency was established as an interim body for a reason, and shouldn't be a permanent authority.