Suffolk County Seeks to Avoid Takeover Fate That Befell Nassau
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By declaring a fiscal emergency, Suffolk County Executive Steve Bellone is laying the groundwork for cuts to programs to avoid a New York state takeover of its finances, a fate suffered by neighboring Nassau County.
Suffolk, where hedge fund billionaires John Paulson and George Soros have homes in the Hamptons beach towns, is facing a three-year deficit of $530 million after sales- and property-tax revenue failed to keep pace with rising costs of employee benefits and social services. Bellone declared the emergency two days ago, saying “painful steps” were needed.