Dave Rice 9:30 a.m., Aug. 30
New York State Takes Over Finances of Wealthy Nassau County
This is a major shot across the bow. The New York State oversight board today (Jan. 26) seized control of Nassau County finances, as a story in the New York Times described in detail. Nassau County, on suburban Long Island, is one of the nation's wealthiest and most heavily taxed counties, but it failed to balance its $2.7 billion budget. The oversight board will have vast power to rewrite the county's budget and veto labor contracts, borrowings and other important financial commitments, according to the Times. Despite ample tax revenue, the county has resisted service cuts and the current leadership wouldn't raise taxes. The only other county in New York that has been taken over in modern times is Erie, the state's 24th wealthiest, where median household income is half that of Nassau, the state's richest county, according to the Times. Current leadership is threatening to sue the oversight board. Thanks to Matt Potter for alerting me to this story.