The Nassau County Interim Finance Authority will remain in control of Nassau County, N.Y.’s finances, as a judge Monday rejected the county’s request for a temporary injunction to stop NIFA’s supervision.
The agency has asked the Long Island county to file a revised financial plan within five days. NIFA implemented a control period in late January after it found the county’s $2.6 billion fiscal 2011 budget to have a deficit of more than 1%. Such a shortfall requires the authority to begin a control period. Fiscal 2011 began Jan. 1.