That is what I thought as well. It’s a Republican the State Democrats are “straightening out” on an over spending problem. Give me a break.
Here’s a background for those who don’t know it ...
Nassau County is NOT (repeat NOT ) on the brink of bankrupcy or insolvency.
There is a background to this story and how NIFA was created and why it is acting like this at this time...
Nassau’s government has long been plagued by a tangled property tax-assessment system that forces it to refund tens of millions of dollars a year to residents and business owners who win appeals of their local, school and county tax bills. In effect, the county subsidizes some of the nation’s richest school districts.
The county first got into deep trouble a decade ago by borrowing to pay those refunds, though they are an operating expense, and by relying on one-shot revenues, rather than raising taxes. It averted disaster only with a $100 million state bailout in June 2000. As a condition of that aid, the state created the oversight board, NIFA to ensure that Nassau corrected its poor fiscal practices.
NIFA has been examining the books in Nassau County, just outside New York City, to determine if the county is at risk of running a 1 percent or higher deficit on its $2.6 billion budget.
County executive Ed Mangano (A Republican who defeated two term Democrat, Tom Suozzi) had repeatedly said the budget was balanced, and then insisted there were ample contingencies to cover any shortfalls. But NIFA said that many of his assertions were unfounded or unsupportable.
And here is what worries me ( a Nassau County resident ):
In a lengthy text explaining its decision, the authority said that Mr. Mangano’s signature tax cut — the repeal of a tax on home-heating fuel — was one of several factors that stretched the county’s ability to balance its budget to the “breaking point.”
If the NIFA takes over our budget, YOU CAN BE SURE THAT TAXES WILL BE RAISED ( instead of the spending cuts that are needed ).
Mr. Mangano, in his news conference, questioned why the authority had refrained from imposing a wage freeze. And he insisted that a takeover was unwarranted, pointing to an 11th-hour tentative labor agreement with a county worker’s union, announced on Monday, that he said would mean tens of millions in annual county savings.
The NIFA response that a wage freeze will only save $2 Million for 2011.
Could it be Mr. Mangano was pulling a Chris Cristie and threatening the unions’ pensions/pay/vacations/benefits??? What is the WHOLE story ??
But who is telling the truth here ? Should we believe NIFA or the folks at Nassau County regarding the finances?
Personally I TRUST NEITHER. Both are political entities.
I want an INDEPENDENT AUDIT from a TRUSTED, NON-POLITICAL THIRD PARTY.