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Maragos: County's 2017 Budget Adopted By Legislature Still Has $121M Deficit on GAAP Basis

LongIsland.com

After review of the County’s 2017 $3 billion budget adopted by the Legislature with its various amendments, the Comptroller’s Office projects a deficit of $121.1 million on a GAAP basis.

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The NIFA deficit is still well above its mandate of no more than a $60 million for 2017.

Photo by: Bob Smith, via Free Images.

Mineola, NY - November 28, 2016 - After review of the County’s 2017 $3.0 Billion Budget adopted by the Legislature with its various amendments, the Comptroller’s Office projects a deficit of $121.1 million on a Generally Accepted Accounting Principles (GAAP) basis down from a $134.1 million deficit before the amendments. On a budgetary basis, the adopted budget contains $116.6 million of risks and a $181.1 million deficit using the presentation prescribed by the Nassau Interim Finance Authority (NIFA). The NIFA deficit is still well above its mandate of no more than a $60 million for 2017.

“The 2017 budget adopted by the Legislature is still out of balance and avoids the difficult choices,” said Comptroller George Maragos. “It is now up to NIFA to insist on compliance with its 2017 mandate of no more than a $60 million deficit. The Comptroller’s Office believes this mandate is attainable without layoffs or cuts to essential services.”

Major changes to the 2017 Proposed Budget include: a reduction in revenues for the Public Safety Fee of approximately $36 million, offset by an equal increase in the Income and Expense Law revenues due to the proposed Amnesty program, reductions in Clerk Fees of $6.0 million, a reduction in budgeted bus fare box revenues of $2.2 million, the elimination of the use of $15.0 million of prior year fund balance and $2.0 million in Board of Election reimbursements from towns, cities and villages. Additionally, certain risk items were adjusted, reducing prior revenue risks by $14.8 million, lowering expense opportunities by $16.8 million and eliminating the use of $15 million in prior year fund balance.