Mangano Unveils Historic Debt Reduction and Sewer Stabilization Plan
Eliminates Quarter of Nassau County’s Debt
To protect taxpayers and our bays and ocean, Nassau County Executive Edward P. Mangano today announced a historic Debt Reduction and Sewer Stabilization Plan to eliminate $750 million, or 25%, of the County’s $3 billion in debt. The plan also stabilizes Nassau County’s Sewer Authority which is set to face bankruptcy in 2014, as warned by the Nassau County Interim Finance Authority (NIFA) in its October 2009 report.
County Executive Mangano stated, “Nassau County has the highest debt of any County in the state as past administrations racked up staggering debt while ignoring structural fiscal problems. While Suffolk County's total is $1.35 billion, Nassau’s exceeds $3 billion. It’s time to pay down this debt and take it off the backs of our children! This plan allows the County to retire approximately 25 percent of Nassau’s debt and generate millions in reoccurring savings for the County to hold the line on property taxes by implementing a public-private-partnership for the maintenance and operation of Nassau’s sewers. This action will protect our taxpayers, children and our environment.”
The Debt Reduction and Sewer Stabilization Plan includes the implementation of a public-private-partnership to operate and maintain Nassau’s three wastewater treatment plants - which had fallen into a dangerous state of disrepair over the past decade. In fact, the sewage treatment plants have racked up over $1 million in Department of Environmental Conservation (DEC) fines. The plan requires a private operator to make necessary and costly improvements as part of a contract to operate and maintain Nassau’s sewage treatment system while stabilizing rates and avoiding the NIFA predicted bankruptcy.
County Executive Mangano added, “For over a decade no one has had the political courage to tell residents our sewage treatment plants are broken and are polluting our waterways on a regular basis. That comes to an end today!”
The County will host a series of informational meetings for the public prior to sending any plan to the Nassau County Legislature. The public information panel will include representatives from the Nassau County Department of Public Works and potential operator United Water. The public information hearings will take place at 6:00 p.m. on May 9th at the Cedar Creek Sewage Treatment Plant, May 16th at the Bay Park Sewage Treatment Plant and on May 17th at the Theodore Roosevelt Executive and Legislative Building.