A group that monitors and oversees Nassau County’s finances has approved the use of Goldman Sachs if the county needs to restructure its debt or borrow more money.
Nassau County is expected to face a $384 million deficit in 2020, mainly due to the economic damage from the coronavirus pandemic.
County Executive Laura Curran made moving control away from Nassau Interim Finance Authority a priority, but the fallout from the pandemic could result in NIFA overseeing the county’s finances until 2051.
State lawmakers have also allowed NIFA to bypass some state rules to allow for easier and lower-interest borrowing.
NIFA would still need a request from Curran and the Republican-controlled county legislature to borrow on behalf of Nassau County.
