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Long Island News

Nassau County Faces $746M Deficit Due To Coronavirus

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Office of Nassau County Executive Laura Curran
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Nassau County Executive Laura Curran gives an update on the coronavirus on Wednesday.

Nassau County will face a $746 million budget deficit over the next 18 months due to the coronavirus pandemic.

The Office of Management and Budget says the county will run a $385 million budget shortfall for fiscal year 2020. 

COVID-19 shut down businesses, which nearly eliminated sales tax revenue, which makes up 40% of all county revenue.  

County Executive Laura Curran will direct the Nassau Interim Finance Authority to borrow $285 million over the next two fiscal years. 

NIFA has already approved the use of Goldman Sachs to restructure debt or borrow money

Surplus sales tax revenue from 2019 and federal coronavirus aid will also help close the gap.

But that leaves $95 million unaccounted for.

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