Negativity can be in the eye of the political beholder.
Here’s a statement Wednesday from Nassau Comptroller George Maragos, a Republican:
“We are disappointed but not surprised with Moody's "negative outlook" placement of Nassau County debt. [See Newsday story here.]
The previous Administration left office with depleted fund reserves, a $248.5 million structural budget deficit, excessive use of bonding to pay current expenses and other budget gimmicks to balance the budget. The Moody's "negative outlook" should be viewed as a confirmation of the prior administrations financial management.
The current administration has presented an updated multiyear plan with bold steps to restore fiscal responsibility without increasing the burden on our hard pressed tax payers.”
Then we have Legis. Diane Yatauro of Glen Cove, the Democratic minority leader:
“When Nassau County was governed by a Democratic Majority, we earned 13 consecutive bond upgrades. We produced sound and balanced budgets. It is extremely distressing to learn that now we may be facing a downgrade. Being placed on negative outlook usually foreshadows a downgrade within months. NIFA, an independent agency, has expressed serious concern with the Mangano budget. And now Moody’s, another independent agency, has demonstrated its concern
This administration talks about solutions, but has delivered nothing in terms of restoring fiscal stability. It seems that the voters were deceived when Mr. Mangano pledged to lower our taxes. What he really meant was that he would lower our bond rating.”