Good news: It appears Nassau overstated last year's budget deficit
Now that Nassau's financial control board has agreed to refinance $1.4 billion (BILLION!) in county debt to provide County Executive Laura Curran with $285 million in upfront "budget relief" this year, lets look at the accuracy of Curran's budget forecasts. In a report issued Dec. 21, her budget analysts predicted the county would end 2020 with a $385 million budget deficit, including a $261.7 million drop in sales tax revenues. There's no doubt sales tax collections plummeted when Gov. Andrew Cuomo shut down New York's economy last March in an attempt to slow spread the spread of the coronavirus. But then sales taxes collections began inching up again as the economy slowly reopened.That led Nassau legislative Republicans to predict the sales tax decline would not be as bad as the 20 percent drop forecast by Curran's budget seers. Curran, a Democrat, and Nassau Democratic legislators, however, were not so optimistic and rejected spending changes for t...