Accountant seeks Nassau budget gap closure

The same accountant that found Nassau's $176 million budget gap will now study the county's operations looking for ways to close it.

The Nassau Interim Finance Authority Thursday announced it had chosen Grant Thornton, a national audit and accounting firm, to review Nassau's finances and operations and then suggest cost savings.

NIFA, a state appointed monitoring board, took control of the county's finances in January after Grant Thornton determined that Nassau's $2.6 billion budget was $176 million out of balance.

The firm was selected for its new job from eight companies that responded to NIFA's request for proposals. The NIFA board still must approve a new contract for Grant Thornton, though a meeting has yet to be scheduled.

"NIFA looks forward to working collaboratively with the county on this project and will continue to pursue all other avenues that would help the county to live within its means," chairman Ronald Stack said in a statement.

Vice chairman Chris Wright said NIFA has invited the county comptroller and office of Legislative Budget Review to participate in the Thornton review. "Hopefully the process we're undertaking with the assistance of Grant Thornton will provide the county with tools to make it more possible to achieve a balanced budget in 2012," Wright said.

According to the request for a proposal, Thornton is expected to complete his review Aug. 31 and provide recommendations to County Executive Edward Mangano before he submits his proposed 2012 budget to the legislature Sept. 15.

NIFA cannot impose Thornton's recommendations but Mangano's budget must be balanced. And Mangano has pledged not to raise property taxes.

Mangano, who says he has already increased efficiencies and decreased staff, said in a statement, "I welcome Grant Thorton's constructive suggestions."