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I think NIFA has let us down, Mangano chose not to raise taxes, real estate, energy so his plan should have incuded enough cuts to balance the budget. There is no point in additional borrowing that will push this further down the road making matters worse for future generations, the more sensible decision would have been to raise taxes. Additionally, they sold off the leases at Mitchell Field at a discount and they are still $150M Short.
"Despite serious misgivings, the Nassau Interim Finance Authority, which has taken control of Nassau County’s finances since the beginning of the year, gave its approval to the county’s four-year fiscal plan at its meeting Thursday at the Long Island Marriott Hotel in Uniondale.
The plan includes almost $450 million of borrowing, which NIFA had previously said it would reject until the county got its budget in balance.
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It was noted at the meeting that Nassau’s 2011 budget still has a $150 million shortfall, which County Executive Ed Mangano is pledging to address through obtaining an equal amount of union givebacks or cuts in the operating budget. The anticipated gap in the budget is estimated to be more than twice that figure. "
Just goes to show you what I said all along .....NIFA all bark no bite
Looks like you were right, they didn't want to go to the mat.
I had great hopes when they started, this will eventually come to a point down the line where it is unsustainable but with a greater vengeance, I thought we were their already.
You have to wonder, we just reelected all the legislators that were supposed to be protecting our interests for the last 10 years. I would have to say at this point it's not the representatives that are the problem, it's the voters.
Looks like you were right, they didn't want to go to the mat.
I had great hopes when they started, this will eventually come to a point down the line where it is unsustainable but with a greater vengeance, I thought we were their already.
You have to wonder, we just reelected all the legislators that were supposed to be protecting our interests for the last 10 years. I would have to say at this point it's not the representatives that are the problem, it's the voters.
It sounds like you're in the 'tax-and-spend' camp?
Aren't taxes high enough already here? You don't raise taxes in an economy like this. Housing is still in a major recession-depression, unemployment / underemployment still elevated, tax receipts are down, young people, productive residents and small businesses are fleeing... We've been giving the unions everything and balancing the budget on the backs of 450k homeowners/businesses for the last 30 years.
That $150 Million is going to come from the unions, one way or another. The decision is up to them now to find the savings. They are working under unrealistic contracts that the county can no longer afford. One has to question also if there was a bit of undue influence involved in the entering of these contracts.
I think NIFA has let us down, Mangano chose not to raise taxes, real estate, energy so his plan should have incuded enough cuts to balance the budget. There is no point in additional borrowing that will push this further down the road making matters worse for future generations, the more sensible decision would have been to raise taxes. Additionally, they sold off the leases at Mitchell Field at a discount and they are still $150M Short.
"Despite serious misgivings, the Nassau Interim Finance Authority, which has taken control of Nassau County’s finances since the beginning of the year, gave its approval to the county’s four-year fiscal plan at its meeting Thursday at the Long Island Marriott Hotel in Uniondale.
The plan includes almost $450 million of borrowing, which NIFA had previously said it would reject until the county got its budget in balance.
.......
......
It was noted at the meeting that Nassau’s 2011 budget still has a $150 million shortfall, which County Executive Ed Mangano is pledging to address through obtaining an equal amount of union givebacks or cuts in the operating budget. The anticipated gap in the budget is estimated to be more than twice that figure. "
According to both Democratic and Republican sources who asked not to be identified, Chairman Stack recently relented on his opposition to the borrowing after a lengthy meeting with a top representative of the Cuomo administration, who may have pointed out that NIFA had allowed the previous county executive, Tom Suozzi, a Democrat, to borrow in order to pay for the county’s tax assessment settlements.
So ... "Boohoo! Suozzi was allowed! Why not us?" is how they get things done.
The article did not mention anything about privatizing the sewers. Do you know if that was part of it? If anything, THAT is going to cost Nassau residents LOTS of money out of pocket.
A Nassau legislative committee Monday increased pressure on labor leaders to make concessions as it approved layoffs of hundreds of county employees by the end of the year.
The Republican -controlled Rules Committee voted 4-3 along party lines for GOP County Executive Edward Mangano's plan to lay off up to 400 county workers and demote 200 others if union leaders do not volunteer $75 million in savings by Thursday.
The rating agency cut the county's rating on $1.2 billion of general obligation bonds to A-plus with a stable outlook, the fifth-highest rating, from AA-minus. The highest rating is a Triple A.
Fitch also questioned Nassau's plan to lease its sewer facilities to a private operator in return for an upfront payment. While most of the proceeds would be used to pay off debt, "plans to use a portion for budget relief is a concern."
Oh sure...government should be in the sewer business...
They are in the sewer business and the sewers have been paid off years ago in Nassau.
Taxpayers pay an average of $226 a YEAR for sewer services.
What do you think the company they "lease" our sewers to are going to gouge us per month?
FYI: The SOLE point of leasing the already built and paid for sewers is so some private company can make a profit off us. Do we really need more of that around here?
Oh sure...government should be in the sewer business...
Sewers are not a business.
Oh boy, Mangano is going to lay off more county workers! And none of them will be cops or school superintendents so it won't make a damn bit of difference except probably make life more inconvenient for everyone, put more people on unemployment, and drive more people out of their houses in an already depressed market.
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Layoffs Will Occur December 29 ...
