July 30, 2012
Nassau County Comptroller George Maragos released the audited fiscal year 2011 Comprehensive Annual Financial Report (CAFR) which confirms the County finished with a budgetary deficit of $50.4 million. Comptroller Maragos reported the 2011 deficit earlier this month during a press conference and also warned of a possible 2012 deficit of $45 million. County Executive Edward Mangano released a revised financial plan last Monday which should result in budgetary balance in 2012. On a GAAP basis as defined by NIFA, the County ended with a negative $173.4 million, approximately the same as in 2010.
"The deficit in 2011 was avoidable and is primarily the result of NIFA and the Legislative Minority failing to work with the Administration to approve $43.1 million in bonding for property tax refunds,” Comptroller Maragos said.
Notwithstanding the 2011 deficit, the County’s fundamental long term fiscal trends, which had begun in 2010, generally continued improving
These positive fiscal trends are expected to continue improving during 2012 with the Administration’s aggressive control of expenses.