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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:
  • The Office of Management and Budgets in conjunction with the County Comptroller and Treasurer should examine existing procedures to ensure a standardized process under which receivables are tracked.
  • The Office of Management and Budgets should examine the possibility of dedicating personnel in their office to solely manage the County's receivables.
  • There is a need to develop the appropriate tracking software to ensure that receivables and open receivables are tracked in a real-time fashion.
"The taxpayer has the right to expect that the County is making every effort to collect funds that is rightfully owed to it. This benefits the taxpayer by reducing borrowing, collecting interest on the money received and reducing the need to turn to the taxpayer for more taxes," concluded Legislator Schmitt. "I urge the Administration to take the steps necessary to implement the recommendations contained in this report."
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