Nassau audit shows '09 surplus, but comptroller slams use of one-time revenue

Nassau County Comptroller George Maragos released an audited financial report for 2009 on Wednesday, showing that the county ended the year with a $1.2 million surplus.

But the report said the budgetary surplus was gained through "one-shot" revenue, such as borrowing $118.4 million for operating expenses, deferring $40.7 million in expenses, receiving $44.8 million in federal stimulus funds, and using other one-time revenue of $15.7 million.

"Without these very troubling budget maneuvers, the ...county would have had a $250.3 million structural deficit," Maragos said.

He said last year "continued a disturbing trend that saw the county's structural deficit increase each of the last five years to a cumulative total of $720 million."

"Unfortunately, the current 2010 budget, which was also adopted by the prior administration, continues this trend," Maragos said.

Maragos also took a swipe at the Nassau Interim Finance Authority for appointing Tom Stokes to its board. He noted that Stokes was the chief financial officer of the prior administration, which the authority had criticized for relying on borrowing.

"At the very least, NIFA's action calls into question the sincerity of its prior criticisms and has diminished its credibility," Maragos said.