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 FOR RELEASE:

Immediately
January 26, 2011

 

Statement From State Comptroller Thomas P. DiNapoli on Nassau County Interim Finance Authority


NIFA’s takeover of Nassau’s finances is a sign of the precarious financial condition the county faces.   NIFA was created to help the county.   Oversight boards are intended to provide fiscal discipline that is a step removed from the political pressures.

It’s important that interested parties not focus on the takeover itself, but on the steps necessary to restore fiscal stability to Nassau County.  Protracted litigation will only delay the inevitable hard choices that must be made to put Nassau back on solid fiscal ground.
 
Nassau County has had stagnant sales tax revenue over the past several years, which has made paying for its high cost of services an even more difficult task.  Also, it has been disappointing to see that after more than 10 years, it has been reported the County has not been able to reduce their borrowing for tax certioraris, which is one of the main issues NIFA was designed to assist with. It’s just not acceptable to continue down the path of burdening future generations with this growing debt.

Nassau taxpayers already pay some of the highest local taxes in the nation.  They need and deserve responsible, strong action to restore fiscal responsibility to their county.


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