(516) 319-5822
Nassau County New York, is on track to loose over $30 million in sales
tax revenue in just over two weeks as a result of super storm Sandy, said County
Comptroller George Maragos. The loss of
this valuable revenue would more than double the size of the county’s projected
$25 million budget deficit for the fiscal year of 2012 which ends December 31st.
Sandy made landfall on October 29th
in New Jersey and traveled along the east coast crippling many transportation
and power systems. This super storm was also responsible for taking the lives of
more than 100 people in the U.S.
The total economic damage of the
storm on Nassau County will be around $750 million by the end of this
week. Both Nassau and Suffolk Counties
which make up almost all of Long Island, were already experiencing financial
struggles before the super storm nearly halted the economic activity. Nassau, as well as other communities that
were affected by the storm, expect the federal and state governments to
reimburse most or all of the storm-related costs, but the lost revenue will
hurt these economies.
The county has cut
its workforce by a fifth and has made over $290 million in spending cuts Since
Edward Mangano took office in January 2010. However, the brute damage of this storm is
not going to help that situation.
Do you think Nassau County will be able to recover? Let us know on our Facebook page!
No comments:
Post a Comment