Saving Nassau County From Bankruptcy
When Nassau County’s serious fiscal problems emerged in 2000, Senator Skelos secured $105 million in direct state aid to ease the burden placed on local taxpayers. In addition, Senator Skelos created the Nassau Interim Finance Authority (“NIFA”) to monitor the County’s budget and prevent similar troubles in the future, provide necessary technical assistance and refinance the County’s debts at a significantly lower cost.
This low-cost refinancing ability has saved County taxpayers $146.55 million in lower borrowing costs. It has also provided Nassau County with $236.1 million in short-term budgetary flexibility.
Further, Senator Skelos has passed important state laws providing critical budgetary relief to Nassau County and obtained millions of dollars in additional funding, such as tens of millions of dollars offsetting the County’s reduced payments to Long Island Bus.
This includes savings from the forgiveness of County Medicaid payments and capping the County’s Medicaid costs; pension fund reforms and early retirement incentives to reduce the County’s employee costs; restoration of state revenue sharing to Nassau County; and creation of a Nassau County Sewer and Storm Water Authority that protects taxpayers and the environment.
In sum, Senator Skelos has provided over $900 million in direct state aid and assistance to Nassau County, reformed the County’s budget practices and created the tools needed to save the County from bankruptcy.