Remember the yearly news releases touting fake budget surpluses in fiscally strapped Nassau?
The practice is going by the boards, Jack Schnirman, the county’s new comptroller, said in an interview Wednesday. “If you want to look at the totality of the county’s finances, you can’t smile and whistle a happy tune if you are balancing your budget on borrowed money,” Schnirman said.
As a result, his office intends to use generally accepted accounting principles, commonly referred to as GAAP, to determine whether Nassau is running a surplus or a deficit — rather than take the politically expedient way out by adhering to the county charter, which allows borrowed money to be counted as revenue.
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