Legislator Dave Denenberg:
“Mangano’s Borrow & Spend Budget is Road Map to Bankruptcy”
At a press conference held on Oct. 4, 2010, Nassau County Legislature’s Minority Leader Diane Yatauro (D-Glen Cove) led the Democratic Caucus in rejecting County Executive Mangano’s proposed 2011 Budget calling it irresponsible, reckless and the roadmap to bankrupting Nassau County.
Legislator Dave Denenberg (D-Merrick) said, "This Break-the-Taxpayers’ Back Budget” increases spending, increases fees, increases debt, passes county responsibility for assessment mistakes to school tax payers, thereby increasing school and town taxes, and requires over $.5 billion (one-half billion dollars) in borrowing for operating expenses to be "balanced." Mr. Mangano’s proposed $700 Million in borrowing is insane, even our grandchildren wouldn’t be able to pay it back. The new “Debt Tax” will cost homeowners another $200 per year. The taxpayers want cuts, not new taxes, and that is what I am fighting for."
Minority Leader Yatauro opened the press conference by saying, “The Mangano budget is dangerously flawed. It is a Borrow and Spend budget, with an excessive reliance on speculative revenue and reckless borrowing. This budget mortgages our children’s future and will lead us on the road to bankruptcy. Since taking office in January, Mangano has proposed nearly $700 million in borrowing and his 2011 budget calls for even more! While Mangano touts his budget as a ‘no tax increase budget,’ his proposed fee increases and borrowing is a hidden tax increase. Mangano’s historic three-quarters of a billion dollars in borrowing will not only burden today’s taxpayers, it will be paid for by generations of taxpayers to come.”
The press conference was called after the Nassau County Interim Finance Authority (NIFA) issued a report sharply critical of Mangano’s proposed budget. In its report, NIFA asserts “extraordinary levels of unacceptable borrowing for operating expenses, …and labor concessions that have not been secured must be viewed as having a high degree of risk.” In the opinion of many NIFA trustees and staff, the budget is not balanced.
Nassau County Legislator Dave Denenberg (D-Merrick) is pictured at the press conference with
Minority Leader Diane Yatauro and Legislators Joe Scannell, Robert Troiano, Wayne Wink, and Judi Bosworth.