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Statement From Nassau County Executive Ed Mangano

Nassau County Executive Edward P. Mangano and Nassau Interim Finance Authority Chairman Ron Stack teleconferenced today with respect to the Legislature’s failure to act. County Executive Mangano and Chairman Stack agreed to meet this week to finalize a modified fiscal plan which will include further cuts. County Executive Mangano stated, “NIFA and I developed a fiscal stabilization plan for Nassau that held the line on property taxes while ending the County’s reliance on borrowing.

Mangano Unveils Historic Debt Reduction and Sewer Stabilization Plan Eliminates Quarter of Nassau County’s Debt

To protect taxpayers and our bays and ocean, Nassau County Executive Edward P. Mangano today announced a historic Debt Reduction and Sewer Stabilization Plan to eliminate $750 million, or 25%, of the County’s $3 billion in debt. The plan also stabilizes Nassau County’s Sewer Authority which is set to face bankruptcy in 2014, as warned by the Nassau County Interim Finance Authority (NIFA) in its October 2009 report.

Newsday Editorial: Unions Control Nassau’s Fate

One way or another, the unionized employees of Nassau County are going to have to start contributing to their medical care, and the considerable overtime, excessive days off and spiraling salaries embedded in the arbitrated contracts of police officers are going to have to be contained. That’s the fiscal reality a horrendous economy and exploding pension and health insurance costs have created in a place burdened by taxes among the highest in the nation.

Newsday: Salaries Contributing to Mangano’s Budget Woes

The biggest fiscal challenge facing Nassau County according to Newsday? Contractual union raises coming due to employees, and significantly higher pension and health insurance costs for 2012. These generous contracts and benefits were negotiated by the former County Executive, and pose a $115 million hurdle for Nassau in 2012 alone.

Currently in Nassau, civilian employees earn an average compensation of $121,000 including salary and fringe benefits, while law enforcement earns an average of $180,000 annually in compensation.