Nasso County’s Laura Curran announced a $ 3.3 billion budget cut in 2021 on Monday, proposing tens of millions of dollars in spending cuts, and refinancing hundreds of millions of dollars in debt to avoid the impending financial crisis. I requested the Financial Management Committee of Yo-gun. ..
Callan’s spending plan aims to mitigate the effects of the economic closure caused by the coronavirus pandemic.
The budget relies on the Nassau Interim Finance Department refinancing to save $ 360 million in the county, $ 285 million in NIFA debt, and $ 150 million in 2022.
The county council is controlled by the Republicans and is 11-8, and some GOP members adopt Karan’s refinancing approach, saying that it will lead to extended NIFA control over the county’s finances. I resisted.
According to Karan, her budget remains “fiscal discipline” and does not include property tax increases or the dismissal of county employees.
But Karan, who is in her first term and wants to be reelected next year, said the county had little choice but to refinance.
“These are unusual times, and this restructuring isn’t something we do in a normal year, but it’s not a normal year,” Karan said in an interview on Tuesday. “It actually solves the problem, and I look forward to working in a bipartisan way to achieve this.”
She continued, “The fact that we are not reducing services, we are not laying off. Focus on what we need to do and make it possible for taxpayers. The most efficient way. “
NIFA President Adam Barsky said Karan’s spending plan was “probably … the most difficult budget the county has prepared in recent memory.”
Mr. Bursky said he would like to work “to reach a balanced budget that maintains as many important services as possible.”
Legislative Chair Richard Nicolero (R-New Hyde Park) said that the majority of GOPs are financially responsible and already suffering from financial implications, with a thorough review and analysis of the county’s budget. COVID-19’s to avoid putting an additional burden on. “
Callan officials warned that if spending plans were not approved, the county council would need to identify major new income or service cuts.
On Tuesday, Karan formally requested Congress to approve the “declaration of need” and requested NIFA to restructure the county debt. NIFA can refinance its own debt, but the Nassau County Council must vote to ask NIFA to refinance its county debt.
Nassau finished 2019 with a surplus of $ 7.68 million, but this year the county has been freed from the loss of sales tax receipts caused by the coronavirus pandemic.
The county is projected to run a $ 794 million deficit in 2020 and 2021.
Callan’s $ 3,286 million budget is down from the $ 3,555 million spending plan approved in 2020.
The county will save $ 69.5 million by eliminating 329 vacant seats, the government said.
Other savings include $ 16.7 million from NICE bus contracts and $ 12.8 million from police overtime.
However, the draft budget will increase funding for police problem-oriented police units, community problems units, mental health mobile care crisis teams, and police activity leagues.
Karan also predicts that fines from red light cameras and other programs will increase revenue by $ 11 million and county clerk fees will increase by $ 14 million due to the strong housing market.
William Biamonte, Chief of Staff of the Constitutional Democratic Party, thanked Karan for his efforts to maintain property tax policies when many families face financial difficulties.
Biamonte said Coplan members “scrutinized” Karan’s budget to ensure that the plan addresses COVID-19-related deficiencies and maintains the integrity of the critical services that residents depend on. It was.
Nassau County Budget Proposed in 2021
total: $ 3,286 million
debt: Refinancing $ 240 million in NIFA bonds and $ 120 million in county bonds to save $ 285 million in 2021 and $ 150 million in 2022.
Sales tax revenue: $ 1.023 billion
Savings: $ 69.5 million by eliminating the status of 329 vacant counties.
Source: Nassau County Executive