66° Good Morning
66° Good Morning

Letter: Skeptical about Nassau 'surplus'

Nassau County Executive Edward Mangano delivers his state

Nassau County Executive Edward Mangano delivers his state of the County address at Twin Rinks Ice Center in Eisenhower Park on the evening of March 11, 2015. Credit: Newsday / Thomas A. Ferrara

After reading "Borrowing fuels surplus" [News, April 7], I wondered whether Nassau County Comptroller George Maragos understands generally accepted accounting principles when he indicates that Nassau County had a $10.7-million budget surplus last year, primarily because the county borrowed millions to pay property tax refunds.

Does Maragos understand that borrowing is not income?

Then, according to the article, Maragos reported that the Nassau Interim Finance Authority treats borrowings and one-time revenues differently, which would turn his surplus into a large deficit.

What is really going on?

In plain English, accounting is accounting, so who is fooling whom?

Dave Beldner, East Rockaway

Editor's note: The writer is a retired certified public accountant.