In the waning days of 2010 The Nassau Interim Finance Authority gave the county three weeks to prove that it can get its finances in order before imposing a period of fiscal control. County Executive Edward Mangano has until Jan. 20 show that he can close a $350 million budget gap.
If NIFA takes control, the county will no longer be in control of its own finances. It will not be able to spend money or negotiate contracts without the consent of a board that no one has elected.
Organized labor could be the big loser if this happens. The labor bosses have just a few short weeks to work with Mangano to trim salaries and retirement benefits before the axe falls.
Although the NIFA takeover may in the long run be good medicine for one of the wealthiest and most overtaxed counties in the nation, we would hate to see it happen. It’s time for Mangano to make good on his campaign promise to get the county’s budget under control.
