In Nassau County, N.Y., Comptroller George Maragos released the audited comprehensive annual financial report for fiscal 2011, which confirms the county's budget deficit of $50.4 million.

"The deficit in 2011 was avoidable and is primarily the result of [the Nassau County Interim Finance Authority] and the legislative minority failing to work with the administration to approve $43.1 million in bonding for property tax refunds," Maragos said.

Maragos announced the projected deficit earlier this month and also warned of a possible deficit of $45 million for 2012.

He also reported that the county's fundamental long-term fiscal trends generally continued to improve and are expected to continue making gains during 2012 "with the administration's aggressive control of expenses."

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