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Nassau County Faces $746M Deficit Due To Coronavirus

Office of Nassau County Executive Laura Curran
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.

Terry Sheridan is an award-winning audio journalist. As part of his duties as Senior Director of News and Education, he developed a unique and award-winning internship program with the Stony Brook University School of Communications and Journalism, where he is also a lecturer and adjunct professor. He also mentors graduate fellows from the Sacred Heart University Graduate School of Communication, Media, and the Arts.
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