Nassau County, N.Y., Executive Edward Mangano Wednesday announced $121.2 million of budget cuts and “hundreds” of layoffs to help balance the $2.6 billion budget for fiscal 2011.

Mangano said the spending reductions are necessary to avoid property tax increases after the Nassau County Interim Finance Authority decided that the county must use operating funds rather than bond proceeds to pay property tax refunds. Without the spending cuts, the county would be forced to raise property taxes by 21.5%, Mangano said.

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