July 30, 2012
NASSAU COUNTY COMPTROLLER RELEASES AUDITED FISCAL YEAR 2011 RESULTS AND CONFIRMS DEFICIT OF $50.4 MILLION
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
- The structural gap improved to $127.6 million, down from $137.6 million in 2011
- The gap between recurring revenues and expenses narrowed to 5%, down from over 10% in 2009.
- The borrowing for current operating expense was eliminated, except for extraordinary termination pay.
These positive fiscal trends are expected to continue improving during 2012 with the Administration’s aggressive control of expenses.
