Weitzman testifies before Budget Review Committee

Emphasizes that Administration & Legislature must act now against economic downturn

Nassau County Comptroller Howard Weitzman testified before the Legislature’s Budget Review Committee today saying that the administration will have to dig down deep to end 2008 with even a small surplus. He also emphasized that the County Executive and County Legislature need to act now to implement expense reductions and revenue enhancements so that the County is protected against a further economic downturn in 2008 and the possibility of a worsening economic climate in 2009.

Comptroller Weitzman made a presentation before the committee, projecting that the County will finish 2008 with $46 million less in revenue and expend $11 million more than budgeted. Weitzman was one of several presenters who updated the committee on the status of the County’s 2008 budget so far this year.

“The budget shortfalls can be offset by a combination of revenue-enhancing actions,” Weitzman said. “These include expense reductions, and use of the County’s remaining reserves, prior year surpluses and unspent borrowed funds. With these necessary steps, the County can finish the year with a small surplus of approximately $9.4 million.”

Weitzman stated that Nassau County has joined the ranks of other governments confronting a slumping national economy and weakening sales tax receipts. The County also faces the risk that the State, facing its own fiscal pressures, will seek to shift expenses or reduce revenue to the County.

The somber news was released last week part of the Comptroller’s annual review of the County’s fiscal condition at mid-year, a report mandated by the Nassau County Charter.