Letter: NIFA can’t let county budget a deficit
Nassau Interim Finance Authority Director Christopher Wright speaks during a meeting at the Long Island Marriott in Uniondale Thursday, Nov. 19, 2015. NIFA voted unanimously Thursday to reject Nassau County Executive Edward Mangano's 2016 budget. Credit: Barry Sloan
In “NIFA orders big cuts in spending” [News, Oct. 14], about Nassau County’s projected $100 million budget deficit for 2017, it seems that the Nassau Interim Finance Authority feels there is a $40 million problem.
However, there really appears to be a $100 million problem, because no entity should ever be allowed to budget for a deficit. The problems should be addressed in detail so there would be no deficit projected.
In accounting terminology, a deficit is a financial shortage that occurs when liabilities exceed assets, which simply means you owe more than you have. For NIFA to permit the budget to show any deficit whatsoever seems to indicate a lack of financial understanding by a board that is allegedly overseeing Nassau County’s finances.
Dave Beldner, East Rockaway
Editor’s note: The writer is a retired certified public accountant.
