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Fitch had eliminated its negative forecast for Nassau's ratings in March 2001, after the county balanced its budget with the help of state aid.
The spending produces sales taxes that help the two county governments balance their books.
HIM As county executive, balanced budget and even cut own pay.
"The thing that gets my attention on the federal level is the waste," he said, adding that Lee County has balanced its budget each of the last few years despite construction of a hall of justice & an agricultural center & the resurfacing of some roads.
Looking at the county councils, the balance is more than reversed.
The board is empowered to take over Nassau's finances if the county fails to balance its budget.
The authority has imposed a Wednesday deadline for county officials to balance the budget or face a state takeover.
Frank G. Zarb, the chairman of the state board, has given lawmakers until Thursday to act on a plan proposed two weeks ago by Thomas S. Gulotta, the Republican county executive, to balance the county's finances through 2004.
It also wants the Legislature to pass a 2001 budget by mid-October and threatens to take over the finances if the county fails to balance its books.
But if the sales tax agreement falls through, Mr. Levy warned, it would be a crisis and he would have to call an emergency session of the County Legislature to balance the budget.
FOR two years, Nassau County's government pressed its police unions for givebacks on wages and work conditions, arguing that budget reductions are mandatory if the county is to balance its budget.
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