By Hilary Russ
Nov 5 New York's Nassau County is on track to
lose $30 million in sales tax revenue over just two weeks
because of superstorm Sandy, County Comptroller George Maragos
The lost revenue would double the size of the cash-strapped
county's projected $25 million budget deficit for fiscal 2012,
which ends Dec. 31.
The total economic impact of the storm on Nassau, just east
of New York City, will be about $750 million by the end of this
week, Maragos said.
Sandy came ashore in New Jersey on Oct. 29, crippling some
East Coast transportation and power systems and killing more
than 100 in the U.S.
The storm hit parts of Nassau and neighboring Suffolk County
hard. The counties together make up most of Long Island, which
juts into the Atlantic Ocean east of New York City.
The counties were already struggling financially before the
mega storm ground economic activity in the region to a halt and
tore a chunk out of Nassau's revenues. Officials in Suffolk did
not reply to requests for comment.
Nassau's projected $25 million budget deficit, which is less
than 1 percent of its nearly $3 billion adopted 2012 budget,
"would have been manageable," Maragos said. "Now we have to
manage twice that amount."
"It's certainly going to hurt, and it's going to be a strain
on our finances," he said.
Nassau, like other municipalities walloped by Sandy, expects
the federal and state governments to quickly reimburse most or
all storm-related costs, but the lost revenue will hurt, he
The county has cut its workforce by a fifth and made over
$290 million in spending cuts since County Executive Edward
Mangano took office in January 2010.