Curran’s ludicrous spending cuts and inappropriate refinancing plans

In Columns by Hal Peterson1 Comment

Introduction: Nassau County Executive Laura Curran announced a scaled-down $3.3 billion budget for 2021, proposing tens of millions of dollars in spending cuts; and, the refinancing of hundreds of millions of dollars in debt to avoid a looming financial crisis.

Assessment: The use of the noun “looming” is very misleading. The ‘mirage” suggested has morphed to calamity status, with the remedies outlined hardly avoiding insolvency. You be the judge.

One.  Her plan is dependent on the refinancing of $360 million in debt with saving of $285 million next year and $150 million in 2022. A banker’s delight, often used to cover personnel costs the equivalent to shifting the deck chairs on the Titanic.  

Two, Curran said her proposed budget maintains “fiscal discipline, and includes no property tax increase or layoffs of county employees. We are focusing on what it is we need to do and making sure we’re providing it in the most efficient way possible for taxpayers.” Liar, liar, pants on fire. Love and marriage, you can’t have one without the other. 

Three. The most remarkable comment of all, “by eliminating 329 county vacant positions, the county will save $69.5 million.” Wow!  We need more vacant positions!!!!  

Summary: What can’t continue, will not continue. Curran either needs a pray answered, or a better financial consultant.

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Comments

  1. Well done Harold. Enjoyed your columns and hope they helped make an impact. Praying for you.

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