In Nassau County, N.Y., County Executive Edward Mangano announced $45 million in new cuts that closes the county’s deficit.
The spending cuts, announced on Monday, include reducing the workforce by 200 positions to save $10 million.
Other savings include $3.8 million from cancelled discretionary contracts, $19 million from cancelled capital improvement projects, and $12.2 million from cancelled departmental purchases.
“It eliminates the projected deficit and balances the budget. Yes, zero,” said communications director, Brian Nevin.
The announcement came a little over a week after Comptroller George Maragos reported a projected deficit of $45 million for 2012.
In addition to eliminating the deficit, the county has also avoided raising property taxes for the third year in a row.
“This plan continues the County along the path to fiscal recovery and solvency, by making real reforms that lead to recurring savings each year,” Mangano said.
When Mangano took office in 2010, the county faced projected budget deficits exceeding $400 million, according to a statement from the county.
Before Monday’s announcement, Mangano had already achieved $290 million in savings by cutting 20% of the workforce, implementing public-private partnerships, and consolidating departments.
Nassau County’s general obligation bonds are rated A1 by Moody’s Investors Service, and A-plus by both Standard & Poor’s and Fitch Ratings.