Nassau County submitted an amended budget to the Nassau County Interim Finance Authority by its deadline Tuesday to address noncompliance issues, and the finance authority’s Chairman Richard Kessel said they are pleased as it now meets those requirements.
“I give credit to [Nassau County Executive] Bruce Blakeman and his team,” Kessel said. “Whether they agree with us or not, the fact is they made some significant changes in the budget that really makes the budget much more accurate and legal and we’re very pleased about that.”
NIFA rejected the county’s 2025-2028 fiscal plan for the first time in six years. NIFS said the rejection was based on the budget not complying with legal requirements, like generally accepted accounting principles, and issues over how Nassau University Medical Center will be funded.
Blakeman’s $4.2 billion 2025 budget passed the GOP-led legislature on Oct. 30 along party lines, with Republicans supporting and Democrats opposing.
If a new budget was not submitted to NIFA before Wednesday, then NIFA would have taken over and put in place its own crafted budget that complied with all regulatory requirements.
The county legislature approved the amended budget Monday.
Kessel said NIFA is in the midst of reviewing the county’s budget amendments and revenue estimates, but NIFA officials are pleased by the amendments that were made.
Kessel said NIFA was significantly concerned about the budget’s use of $30 million in reserves as revenue, which did not abide by generally accepted accounted principles as is legally required. He said the amended budget now abides by those principles.
“We’re certainly very pleased that they have put the budget in line with GAAP, with their own charter, with the NIFA statute,” Kessel said. “We may not totally agree with them on the revenue estimates, but we’re working those numbers out as best we can.”
Kessel said he was not able to provide information on what revenues have now replaced the county’s former use of $30 million in reserves. Schneps Media Long Island has not received the amended budget from the county.
NIFA has a meeting scheduled on Thursday during which they will accept or deny the budget amendments.
