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August 1, 2001|
GOP LEGISLATORS RELEASE REPORT DETAILING
MILLIONS OF DOLLARS OWED TO COUNTY
(Mineola, NY) Minority Leader and County Legislator Peter J. Schmitt (R-Massapequa) on behalf of his Republican colleagues has released a report detailing that Nassau County is owed millions of dollars in uncollected funds more than one-year in arrears and the impact of the failure to collect these funds in a timely manner. The report makes recommendations as to improve the collection of these past due receivables.
"Based upon a review by the Independent Legislative Budget Review Office, it has been revealed that the County is owed more than $10.8 million in funds that should have been received in 1999 and 2000," said Legislator Schmitt. "This has a cost to the taxpayer as the County is forced to borrow additional monies in cash flow borrowings to fund operations. As an example, $10 million borrowed for a one-year period at 4% interest costs the taxpayer approximately $400,000 in interest costs."
The report makes three recommendations to improve the County's ability to track and collect these funds:
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