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Nassau County for the fifth year in a row - has delivered a No-County-Tax-Increase budget. That means the county’s share of your property tax bill went
down - again.
How?
We cut the workforce
We cut borrowing
We streamlined government to make to make it more efficient
We secured historic labor concessions
That means...
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Over the last six years, every County budget has been balanced
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In each of the last six years, the County’s spending rate was lower than the
rate of inflation. In fact, the County’s spending rate is lower than any municipality
in the region
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Wall Street has rewarded the County with 12 bond upgrades since 2002 –
when the County was on the brink of bankruptcy
- The county did not raise taxes for its 2008 budget, for the fifth year in a row
"Nassau County has balanced its budget every year since Suozzi took over; built up $200 million in reserve funds; had 10 upgrades of its bonds, to the point where it is back in the all-important ranks that start with “A”; and reduced from 16 percent to 12.5 percent the portion of every dollar going to debt service." - Read Full Article |
- Rob Gurwitt
governing magazine - 2005 |
Nassau County, NY General Obligation Debt Rating Raised To 'A+';
Outlook Stable
NEW YORK (Standard & Poor's) June 9, 2008--Standard & Poor's Ratings Services
said that it raised its standard long-term rating and underlying rating (SPUR)
on Nassau County, N.Y.'s outstanding general obligation (GO) debt to 'A+' from
'A'. The outlook is stable.
"The upgrade reflects continued strong management of the county's
budget," said Standard & Poor's credit analyst Eden Perry.
In addition, Standard & Poor's assigned its 'A+' long-term rating, and
stable outlook, the county's series 2008C GO bonds and 2008D GO refunding
bonds.
The 'A+' rating reflects the county's deep, diverse, and affluent local
economy, adjacent to New York City; significantly improved financial
management and performance; notable progress in addressing the wide range of
long-standing challenges that form the basis of its multiyear financial plan;
and institutionalization of various financial reforms and comprehensive
financial reporting and planning, as well as fund balance, debt management,
and investment policies.
Credit limitations include the county's use of some nonrecurring
revenues; continued budgetary exposure to significant items including the
Nassau Health Care Corp. (NHCC), sales tax fluctuations, tax certiorari
payments, outstanding unsettled labor unit contracts, public safety overtime,
and potentially high other postretirement employee benefit costs; and an
above-average overall debt burden.
The stable outlook reflects the county's improved financial management
and performance. Despite its improved finances, challenges remain for Nassau
County. The financial and operational condition of NHCC, the ongoing payment
of tax certioraris, and unsettled labor contract agreements, among other
things, present significant potential exposures to the county. In the event
budget exposures arise, Standard & Poor's expects that the county will
mitigate any risk in a timely manner. Over the past few years, the county has
demonstrated a willingness to address various risks and challenges in a manner
that has not adversely affected its financial recovery, although it has
sometimes used one-time revenues.
Complete ratings information is available to subscribers of
RatingsDirect, the real-time Web-based source for Standard & Poor's credit
ratings, research, and risk analysis, at www.ratingsdirect.com. All ratings
affected by this rating action can be found on Standard & Poor's public Web
site at www.standardandpoors.com; select your preferred country or region,
then Ratings in the left navigation bar, followed by Credit Ratings Search.
Related Links:
2009 Proposed Budget 
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