NIFA Rejects Nassau County Multi-Year Plan Update

Paul Burton reports in the September 6th edition of The Bond Buyer that for the second time this year the Nassau Interim Finance Authority rejected Nassau County’s 2012-2015 plan update.  Citing the county’s failure to reduce those measures that contributed to its $125 million deficit, the NIFA determined that plan projections were based on revenues that might not materialize and directed County Executive Edward Mangano to incorporate at least the amount of the deficit in budgetary relief when he submits his proposed 2012 budget later this month. Among the items targeted by the authority were proposed revenues from the privatization of the county’s wastewater system and expansion of its red light camera initiative.  The NIFA also directed the county executive to increase the anticipated expense associated with property tax refunds and to detail all projected savings on labor costs in the upcoming fiscal year.