NYS Takes Over Nassau County’s Finances
New York, NY - The New York Times is reporting that the state took control of Nassau County’s finances today. According to the report, state officials moved to seize control of the county due to its failure to balance its $2.6 billion budget. The outcome of a vote this afternoon was 6 -0, by the Nassau County Interim Finance Authority.
The vote today, gives the state veto power over the county’s budget, labor contracts, borrowings and other major financial commitments. Also, the report says that the move marks the second time that the state took over a county.