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New York State Seizes Finances of Nassau County

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New York State Seizes Finances of Nassau County

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A state oversight board on Wednesday seized control of Nassau County’s finances, saying the county, one of the nation’s wealthiest and most heavily taxed, had nonetheless failed to balance its $2.7 billion budget.

Many hard-hit local governments have flirted with insolvency because of revenue shortfalls caused by the recession, but the financial problems of Nassau, on Long Island, owed more to a failure by county officials to face up to tough economic reality responsibly and quickly enough, according to the state board.

“The county’s 2011 budget is built on a foundation of sand,” a board member, George J. Marlin, said.

http://www.nytimes.com/2011/01/27/nyregion/27nassau.html?_r=1&ref=business

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