Nova RTS 9147 Posted January 26, 2011 Share #1 Posted January 26, 2011 From NY Times UNIONDALE, N.Y. — A state oversight board has seized control of Nassau County’s finances, saying the wealthy and heavily taxed county had nonetheless failed to balance its $2.6 billion budget despite months of increasingly ominous warnings. The 6-to-0 vote here on Wednesday afternoon by the Nassau County Interim Finance Authority gives it veto power over the county’s budget, labor contracts, borrowings and other major financial commitments. The board cited a deficit that reached nearly $350 million at one point last year but that was not fully closed, it said, despite assurances to the contrary by the county executive, Edward P. Mangano, a Republican. It was only the second time a county had been taken over by New York State. The first was Erie County, the state’s 24th wealthiest county, where the median household income is half that of Nassau’s, New York’s richest county. The control period in Erie ended in 2009. The move effectively puts the finance authority board, a six-man panel of state-appointed financial experts and other professionals, at the bargaining table opposite Nassau’s civil servants, police officers and other labor unions. The board also could unilaterally impose a freeze in wages, a strong club for Nassau, which has been sapped by lucrative salaries, benefits and costly work rules for its police and other workers. But the board chose to stop short of that for now, saying it would try to work with the county first. The county said it would consider suing to block the takeover. Mr. Mangano inherited a growing deficit when he took over in January, but his first action worsened it: he eliminated a tax on home heating fuel that would have reaped $40 million in revenue. His 2011 budget also counted on $60 million in phantom concessions from labor unions, more than $20 million in state aid that has not materialized, and $100 million in new borrowing for operating expenses. In December, he also unsuccessfully lobbied the Legislature for approval of a quarter-percent increase in the sales tax, which would have raised $60 million. Nassau’s renewed fiscal problems have angered many residents, coming so soon after the county’s last fiscal meltdown, in 1999. Results of that crisis included a $100 million state bailout and the establishment of the oversight board. More here And the plot thickens. Link to comment Share on other sites More sharing options...
Joel Up Front Posted January 26, 2011 Share #2 Posted January 26, 2011 Pity I can't read it because the NYT is too elitist to give anything beyond the first "e" to people without accounts. But the State and NIFA knew what Mangano was trying to do with LIB and caught on pretty quickly, and I can see the "every part of LI is rich" stereotype there... Link to comment Share on other sites More sharing options...
MHV9218 Posted January 26, 2011 Share #3 Posted January 26, 2011 Please, watch the Nazi Banksters Crimes Ripple Effect at http://jforjustice.co.uk/banksters Link to comment Share on other sites More sharing options...
Nova RTS 9147 Posted January 26, 2011 Author Share #4 Posted January 26, 2011 Pity I can't read it because the NYT is too elitist to give anything beyond the first "e" to people without accounts. But the State and NIFA knew what Mangano was trying to do with LIB and caught on pretty quickly, and I can see the "every part of LI is rich" stereotype there... I posted the entire article. I didn't know they did that with breaking news articles. As for the topic at hand, Mangano has shown that he shouldn't be in charge of finances. Borrowing $100 million to meet operating expenses (while cutting taxes at the same time) shows a lack of intelligence. Link to comment Share on other sites More sharing options...
East New York Posted January 26, 2011 Share #5 Posted January 26, 2011 I think it will be much better than what has been going on. NYS having direct oversight sounds like a winner me. I dont think it will have a big impact on the state's budget at all. Aside from that, as I have stated time and time again, MTA still continue to operate LIB for the foreseeable future. Link to comment Share on other sites More sharing options...
Nova RTS 9147 Posted January 26, 2011 Author Share #6 Posted January 26, 2011 I think it will be much better than what has been going on. NYS having direct oversight sounds like a winner me. I dont think it will have a big impact on the state's budget at all. Aside from that, as I have stated time and time again, MTA still continue to operate LIB for the foreseeable future. Didn't they work out a deal a few weeks ago? Even still, if LIB was going to be cut, the would have probably done it by now. Link to comment Share on other sites More sharing options...
East New York Posted January 26, 2011 Share #7 Posted January 26, 2011 Didn't they work out a deal a few weeks ago? Even still, if LIB was going to be cut, the would have probably done it by now. Yes they somewhat worked out a deal. Not only that but the courts orderd Nassau to pay up. I knew from the jump how things would play out. It was all a political stunt by Nassau executives, and Walder finally put his foot down. The TA now plans to continue their NYC-ification of LIB Link to comment Share on other sites More sharing options...
Joel Up Front Posted January 27, 2011 Share #8 Posted January 27, 2011 Yes they somewhat worked out a deal. Not only that but the courts orderd Nassau to pay up. I knew from the jump how things would play out. It was all a political stunt by Nassau executives, and Walder finally put his foot down. The TA now plans to continue their NYC-ification of LIB Hell, I did see a NYCT dispatcher's Camry run RIGHT by NCC's bus stop behind the library. I thought I inhaled something when I saw "(MTA) New York City Transit" along the side. I have nothing clever to say about the MTA making Nassau a defacto 6th borough, and I thought I did... but I'm glad the blue stripe program didn't go through with the Orion Vs. Link to comment Share on other sites More sharing options...
lilbluefoxie Posted January 27, 2011 Share #9 Posted January 27, 2011 Hell, I did see a NYCT dispatcher's Camry run RIGHT by NCC's bus stop behind the library. I thought I inhaled something when I saw "(MTA) New York City Transit" along the side. I have nothing clever to say about the MTA making Nassau a defacto 6th borough, and I thought I did... but I'm glad the blue stripe program didn't go through with the Orion Vs. 6th boro, part of the reason nassau county was formed in the 1800s or so was because the people in what was then far eastern queens county didnt want to be part of new york city Link to comment Share on other sites More sharing options...
Nova RTS 9147 Posted January 27, 2011 Author Share #10 Posted January 27, 2011 6th boro, part of the reason nassau county was formed in the 1800s or so was because the people in what was then far eastern queens county didnt want to be part of new york city Lol, the success of that speaks for itself. Link to comment Share on other sites More sharing options...
East New York Posted January 27, 2011 Share #11 Posted January 27, 2011 Lol, the success of that speaks for itself. Lmao! You got that right! Link to comment Share on other sites More sharing options...
East New York Posted January 27, 2011 Share #12 Posted January 27, 2011 Joe Scarborough is going to discuss this issue on MSNBC this morning. He is one of VERY few Republicans that I have madd respect for. I try to catch his show daily. Its much better than his old boring afternoon show used to be. Link to comment Share on other sites More sharing options...
Nova RTS 9147 Posted January 27, 2011 Author Share #13 Posted January 27, 2011 Joe Scarborough is going to discuss this issue on MSNBC this morning. He is one of VERY few Republicans that I have madd respect for. I try to catch his show daily. Its much better than his old boring afternoon show used to be. With several states on the brink of bankruptcy (California and New Jersey comes to mind), this is going to be a big issue. Nassau County may only be the beginning. And as loud as he is, I do like him a lot. Link to comment Share on other sites More sharing options...
SubwayGuy Posted January 27, 2011 Share #14 Posted January 27, 2011 Sounds like this guy cut taxes that will mostly affect the rich, counted on labor savings, then threw the ball in the state's court so the state could cut all the union jobs and slash their pay and this duche wouldn't have to answer for it. The rich get tax breaks, the working class gets pay cuts and unemployment. Politicians are the rich, and worthless. The rich are a pain in the ass drag on the rest of the society. Move out of the way and let us work our way out of this "financial" mess. It worked for 200 years until these "do gooders" in both parties started messing around. Link to comment Share on other sites More sharing options...
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