Spin Cycle

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Former Nassau County Comptroller Howard Weitzman is calling on Comptroller George Maragos to publicly release Nassau County's 2012 year-end fiscal results, a process traditionally done in February or early March.

Weitzman, a Democrat who is running to recapture the job he lost almost four years ago, said in a Tuesday news release that those results are used by bond rating agencies to evaluate the fiscal health of Nassau, and by withholding the numbers, Maragos is almost certainly prompting questions by these agencies and key analysts.

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“After first projecting a $45 million deficit, Maragos recently projected a 'miracle' surplus without releasing any details. By now hiding our finances, Mr. Maragos is putting county taxpayers in serious financial peril,” Weitzman said.

Weitzman noted that Nassau faced hundreds of millions of dollars in complex financial issues in 2012, including the amount of unreimbursed liability for superstorm Sandy; the financial impact of the court ruling against the multiyear wage freeze, and the unrecorded annual expense for real estate tax refunds.

Maragos said Wednesday: “The pending decision expected by May 31, 2013 by the Federal Emergency Management Agency (FEMA) on whether the County will receive 75 percent or 90 percent reimbursement for about $126 million of Hurricane Sandy recovery expense will affect the year end results. It would be against federal financial reporting regulations to issue preliminary or unaudited results before the FEMA determination.”

Weitzman is running against Nassau County Legis. Wayne Wink, of Roslyn, in the Democratic primary for comptroller.