November 30, 2010
Maragos: Nassau County will Close 2010 in Balance
or with Small Surplus
Nassau County Comptroller George Maragos completed a financial review of the County’s budget performance ending October 31, 2010 and projected a $5 million surplus for year end 2010.
"After reviewing the County’s revenues and expenses as of October 31, 2010 my office is forecasting that the 2010 fiscal year will end in balance or with a small budget surplus if current trends continue and available funding opportunities materialize,” Comptroller Maragos said. “During one of the most difficult economic years our County has faced, the steps taken by the Administration to reduce expenses have been effective in keeping the budget in balance without raising property taxes.”
The review did find that the Police and Correctional Center overtime management continues to be a serious problem with a 35% cost overrun. Likewise, the Red Light Camera revenues continue to significantly trail budgeted expectations by 46%. The Administration needs to do more to bring these expenses and revenues within budget.
Comptroller Maragos concluded, “Overall 2010 will be viewed as a step forward for the County in bringing expenses under control. 2011 will be a much greater challenge with many past deferred expenses coming due, ongoing issues with tax assessment and an uncertain economy, all of which will demand difficult decisions.”