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Old 01-26-2011, 12:50 PM
 
Location: Long Island (chief in S Farmingdale)
19,922 posts, read 17,096,025 times
Reputation: 4338

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Quote:
The Nassau Interim Finance Authority voted unanimously Wednesday to immediately take control of Nassau County's budget, approving a strongly-worded resolution suggesting the county's 2011 budget was not balanced and that the county's leadership, including County Executive Edward Mangano, can't manage the budget's financial risks.

The 6-0 vote, held during a meeting at the Long Island Marriott in Uniondale , came despite an ongoing effort by Mangano and his administration to stave off the control board. Mangano has argued that the county's $2.6 billion budget is in balance. He said in a letter to NIFA Tuesday that the budget actually could end up in surplus at the end of 2011, especially with numerous contingencies the county had put in place.

The control period will allow NIFA to reject new contracts, freeze union salaries and further monitor the county's finances.

NIFA representatives and county officials have been at odds over several key line items in the 2011 budget. NIFA and other entities, including one of the county's bond-rating agencies, have said the budget includes about $158 million in risky items. They include real estate sales that have not closed yet, a deal to securitize leases on the Mitchel Field property and, perhaps most significantly, $61 million in proposed labor concessions.
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Old 01-26-2011, 01:38 PM
 
Location: Massapequa Park
3,172 posts, read 6,278,578 times
Reputation: 1365
Greedy A$$ unions, what else can you say.

So now the county is going to pay NIFA $9 Million, to save us $10 M. What a deal.

NIFA has a political agenda, that's a given at this point.

Read--> Newsday


=======
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Old 01-26-2011, 02:03 PM
 
Location: Long Island (chief in S Farmingdale)
19,922 posts, read 17,096,025 times
Reputation: 4338
Quote:
Originally Posted by Pequaman View Post
Greedy A$$ unions, what else can you say.

So now the county is going to pay NIFA $9 Million, to save us $10 M. What a deal.

NIFA has a political agenda, that's a given at this point.

Read--> Newsday


=======
There is no evidence whatsoever that NIFA has a political agenda of any sort. This comes down to one thing and one thing only. Is a budget deficit of 1% or more imminent? That is what it comes down to. No politics, no bs, just simple 1% deficit yes or no. And the answer seems to be a clear yes.
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Old 01-26-2011, 03:15 PM
 
985 posts, read 1,288,876 times
Reputation: 661
Mangano is an idiot and so is schmitt.

Bring back the home energy tax!

Problem solved!
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Old 01-26-2011, 03:30 PM
 
Location: Pixley
3,520 posts, read 2,545,339 times
Reputation: 1862
Quote:
Originally Posted by haywood16 View Post
Mangano is an idiot and so is schmitt.

Bring back the home energy tax!

Problem solved!
I see you're familiar with Schmitt's work.

Maybe you can ask him why he sent his district news letter to my address in NC? Which, by the way, was addressed to me at my current address -which is printed on the news letter, not forwarded by the PO or with an address correction sticker. The county could have saved a couple of cents not sending this out to me.
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Old 01-26-2011, 04:42 PM
 
3,686 posts, read 8,137,736 times
Reputation: 1800
Quote:
Originally Posted by haywood16 View Post
Mangano is an idiot and so is schmitt.

Bring back the home energy tax!

Problem solved!
Cut employee wages and benefits 15%...problem more than solved
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Old 01-26-2011, 05:40 PM
 
400 posts, read 679,410 times
Reputation: 249
Red face Incrases

Its very sad that someone is advocating an increase or return of some insane tax for nassau county... Nassau county stinks... lets just make it even worse... How about a sewage tax... and a car tax.. you got trees on your property.. Tree tax.... Your mother lives with you? Ok Mother tax.... You have no leg.. No leg tax....

Lets just focus on reigning in spending and stop trying to generate revenue for a county that should have plenty of income to support its population.. No public company would work this way.. there would be 0 employees... and it would be out of business
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Old 01-26-2011, 06:41 PM
 
800 posts, read 1,271,980 times
Reputation: 898
Does someone know what the consequences will be of NIFA taking control of Nassau's finances?
It seems to me that it might get Nassau back on track, without the interfering political agendas of Democrat and Republican star-wanabes. Honestly, if our elected officials haven't been able to fix Nassau's finances ever since I can remember, WHY NOT let some non-political entity come in and DO IT FOR US!?!? Until someone tells me why it's a bad idea, I'm fine with it.
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Old 01-26-2011, 06:42 PM
 
Location: Long Island
45,976 posts, read 18,945,840 times
Reputation: 11096
Mangano's was going to seel off mitchell field leases at a fraction, push the union contracts out a fews more years and borrow money to pay operating expenses all which would have hurt the county more in the long run. The $10 M is just the union contracts are only a part, they have the right to review all the contracts. Mangano and Schmidt would have sold the county builidings to get through the next 2 years.

This was the right thing to do and the 6-0 vote says it all, not that there wasn't debate to get to this point. Those of you that think this is political would have to believe the bond ratings companies are part of the conspiracy. This is an embarrasing moment for Nassau County but hopefully come good will come of it.
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Old 01-26-2011, 07:11 PM
 
400 posts, read 679,410 times
Reputation: 249
I agree... however I somehow think they will fall short.... I am wondering what the impact will be of NIFA combined with Cuomos education cuts..... Although I do agree with cuts, I have a feeling that my children will be the ones who suffer the most from this.... 70% of school budget goes to teachers & pensions.... 30% for our kids... absolutely ridiculous..
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