Reforms Will Bring Nassau Back from the Brink of Bankruptcy
November 1, 2010 – (RealEstateRama) — Nassau County Executive Edward P. Mangano today announced that with the passage of his 2011 No Property Tax Increase Budget, Nassau County’s finances have begun to be repaired after years of mismanagement, a poor economy and overspending. Mangano praised Presiding Officer Peter Schmitt and the Republican Legislative Majority for joining him in holding the line on property taxes while adopting reforms to close a $343 million deficit – the largest in our County’s history.
“We have addressed Nassau County’s fiscal mess head on,” said County Executive Ed Mangano. “This budget protects taxpayers by holding the line on property taxes and implementing common sense solutions to fix our County’s finances for years to come.”
Nassau County residents pay some of the highest property taxes in the nation. Facing a $343 million deficit for 2011, the 2011 County Budget eliminates waste, consolidates services and reduces the public payroll. Keeping a promise to control taxes and right-size government, the 2011 Proposed County Budget passed by the Republican Legislative Majority:
* contains no property tax increase for 2011, 2012, 2013, 2014;
* eliminates a planned 13% property tax hike and cuts taxes by 5% (home energy tax);
* cuts employees to the lowest level since the 1950s;
* slashes the headcount by over 400 positions, including $1 million in the Office of the County Executive;
* cuts wasteful spending by over $100 million;
* consolidates departments and administrative functions;
* saves taxpayer dollars through multi-municipal cooperation, joint purchasing agreements and energy savings (LED lights, solar projects, etc.) while providing residents with a Green Energy Loan program;
* keeps the same number of police officers on our streets while saving $20 million a year;
* includes new Park programs, veteran housing initiatives and continues heroin prevention programs;
* continues the Volunteer Firefighter Scholarship program instituted in 2010 and includes funding for both the new fire training academy and public safety center;
The Republican Majority also joined the County Executive in addressing Nassau’s structural deficit by:
* passing reforms to the assessment system that end the “County Guarantee” and will save taxpayers $80 million a year; and
* eliminating the $28 million deficit in County Sewer District.
“These structural reforms put Nassau County on the same level playing field as the other 61 counties in the State of New York by protecting already overtaxed homeowners and employers from paying even higher taxes to fund a government that wastes tax dollars,” said Mangano.
Although County Executive Mangano sought to increase transparency and end borrowing associated with the broken property tax assessment system once and for all, a super-majority was needed to approve tax certiorari settlements from the past decade. Instead, the County Executive, Presiding Officer, and Minority Leader agreed to authorize $50 million in bonding to pay off debts of the past that are due in 2010 and to continue in 2011 the past practice of approving settlements throughout the year. All three County leaders agreed to future discussions with regard to reducing the backlog through accelerated settlements.
