March 1, 2007

Suozzi Announces $45.4 million Surplus in 2006
Marks 5th Consecutive Year with Surplus

-- 2006 Budget is Also 4th Consecutive Year with No Tax Increase

Mineola, N.Y. – Nassau County Executive Thomas R. Suozzi today announced that Nassau County achieved a $45.4 million operating surplus in 2006, representing the fifth consecutive year that his administration has generated an annual surplus. This marks a cumulative $368.6 million surplus between 2002 and 2006.

This multi-million-dollar surplus achievement contradicted several pessimistic predictions.

• The Nassau County Interim Finance Authority (NIFA), the state agency that oversees the County’s financial affairs, had identified potential deficits of up to $37 million in the County’s 2006 budget.



• Nassau County Comptroller Howard Weitzman predicted a potential deficit of $21 million.



• The Legislative Budget Review office predicted a $26 million deficit.

“Once again, we’ve proven all the naysayers wrong,” Suozzi said. “By reducing our workforce its smallest in 30 years, cutting borrowing in half, achieving historic labor concessions, controlling overtime and using leaner smart-government initiatives, we’ve achieved yet another multi-million surplus. And we’ve managed to do it without raising property taxes for the fourth year in a row.”

Despite this year’s surplus, the upcoming budget will be a challenge. The County must achieve additional savings in the 2008 budget.

“2008 will be a very tough year for us,” Suozzi said. “There is a lot more to be done. We are continuing to look for ways to save money for the taxpayers.”