Financial Report Lacks Credibility, Rating Agency Downgrades Nassau
(Long Island, NY) Former Nassau County Comptroller Howard Weitzman today criticized Comptroller George Maragos for misleading the public during his announcement of the county’s 2012 year-end financial results.
“This announcement of the year-end financial results is a work of fiction,” said Weitzman, a Certified Public Accountant. “It is the Comptroller’s job to issue honest, timely, and accurate financial reports rooted in reality, not to play the role of fiscal Houdini by fudging the numbers to hide a deficit. The rating agencies aren’t buying these misleading statements, and just yesterday Fitch downgraded Nassau County’s bond status given the poor state of the county’s fiscal health.”
Today’s announcement of the year-end results for fiscal year 2012 by Maragos does not account for the hundreds of millions of dollars owed by the county to taxpayers who successfully challenged property tax assessments. The report also irresponsibly assumes that 100% of the county’s expenses associated with the aftermath of Superstorm Sandy will be reimbursed by federal and state agencies.
“These issues create a hole in the financial results large enough to drive a truck through. If this were part of an accounting exam, Maragos would receive an “F.” It’s time to tell the public the truth,” said Weitzman.
About Howard Weitzman, CPA
In 2001, Howard Weitzman became the only CPA ever elected to the office of Nassau County Comptroller after a 30 year career as a healthcare financial executive. He was subsequently re-elected to a second term in 2005. During his eight years as Comptroller, Howard Weitzman played a central role in the financial rescue of Nassau County. Under Howard’s leadership, the office of Comptroller became a national model for transparency and accountability while at the same time developing a reputation for groundbreaking audits, independence and integrity. A graduate of Brooklyn Technical High School and Queens College, Howard is the former Mayor of Great Neck Estates, where he and his wife resided for 35 years and raised three children. He is currently a resident of North Hills.
