After months of negotiations, members of the Legislative Majority have reached a deal with NIFA, and the Curran administration that will save Nassau taxpayers more than $200 million over the next 15 years while creating a fund to pay small business owners and residents the millions owed by the county for tax refunds.
Earlier this year the county executive proposed to restructure $435 million in county debt over 30 years. The Majority resisted the plan, which would county taxpayers hundreds of millions in costs over the 30-year period. Faced with opposition from the Majority, the County Executive agreed to reduce the bonds from 30-year to 15-year bonds. The shorter term will save taxpayers $683 million dollars. The administration also agreed to a provision that will allow the county to pay off the bonds before the 15-year term.
The County Executive has also agreed to the Majority’s proposal for a special revenue fund for monies beyond the administration’s estimates in the budget. The reserve fund will ensure that county operations will continue during the pandemic while dedicating increased sales tax revenues to paying back residents and businesses that are owed tax refunds by the county.
In sum, the Majority has achieved the following:
- Created a dedicated fund to assist in paying back residents and businesses who are owed tax refunds.
- Reduced the term of the borrowing from 30 years to 15 years, saving taxpayers $ 683 million dollars over the course of term of the bonds.
- Created a mechanism allowing the county to pay off the bonds before 15 years.
“This deal negotiated by the Majority will save Nassau taxpayers hundreds of millions of dollars, and return money back to small business owner and residents, where it belongs,“ said Presiding Officer Richard Nicolello “The Majority will continue to stand up for Nassau residents, and fight to lower taxes for working class families.”