Look deeper at Suffolk finances

The decision by Moody's Investors Service to downgrade short-term Suffolk County borrowing is another bit of scary music about the really tough first year ahead for County Executive-elect Steve Bellone.

The current executive and the legislature differ sharply over who caused the ratings to slip. But Bellone can't afford to get caught up in the blame game. He has to study seriously the real, long-term roots of the problem.

The Moody's downgrade for $400 million in tax anticipation notes, providing cash until tax revenues roll in, is not the first warning shot recently. But it's an actual downgrade, not just the negative outlooks issued earlier this year by Standard & Poor's and Fitch Ratings.

County Executive Steve Levy blamed legislative changes to his $2.7-billion proposed 2012 budget. The legislative budget review staff said it was $135 million out of balance. And Presiding Officer William Lindsay (D-Holbrook) said Levy had overestimated revenues for years.

In fact, Moody's cited an "ongoing trend of structural imbalance" and other factors. It warned against further use of one-shot revenues and depletion of reserves.

Now Bellone promises to end the fiscal games. He's said to be planning a bipartisan study of county finances and a full report to taxpayers on what the county's been doing with their money. The Moody's rating shows that we need exactly that kind of deep, transparent look at county finances, soon after Bellone takes office.