In an effort to reduce spending and prevent a property tax hike, Nassau County Executive Edward Mangano has entered into a partnership with an asset management technology company that could save up to $25 million annually for the county on New York’s Long Island.

Analysts from Universal Management Technology Solutions Inc. will work with county officials to review spending and contracted services, as well as inventory and usage of purchased products to identify and obtain agency savings.

The firm will get paid 14 cents on each dollar saved, only after savings for Nassau are realized, according to the county’s news service.

Universal Management Solutions was not immediately available for comment.

“I am encouraged by what I’ve seen of UMS’s results thus far and have confidence that the efforts of this group will help eliminate the waste of taxpayer dollars here in Nassau,” said Mangano. “Cooperation among the various governmental entities is key to reining in on spending and holding the line on taxes.”

The county Legislature on Monday unanimously approved the contract between Nassau, acting on behalf of its Office of Purchasing and Office of Information Technology, and UMS.

Under the contract, UMS will determine Nassau’s use-based needs as compared to historical purchasing and implement better baseline budgeting to improve efficiencies and cut costs.

The partnership comes from a recommendation out of a report from Grant Thornton LLP, a financial advisory firm retained by the county’s oversight board to review operations and recommend initiatives for financial savings.

The county has been under a financial control board — the Nassau County Interim Finance Authority — since 2011.

The Grant Thornton report said that Nassau faces considerable fiscal challenges and included cost-saving recommendations that could save up to $319 million for the county.

So far Nassau has reduced its workforce, implemented public-private partnerships, approved legislation to charge nonprofits for sewer services, and consolidated police precincts.

Most recently, Eric Naughton, director of the budget, asked the county’s department heads to reduce their budgets by 3.5% in 2012 salary line expenses.

Nassau County’s general obligation bonds are rated A1 by Moody’s Investors Service, and A-plus by Standard & Poor’s and Fitch Ratings.

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