Dem: Administration ‘Inherited’ County’s Financial Stability
By Hank Russell
Nassau County has been found by the New York State Comptroller’s Office not to have any fiscal stress and is not susceptible to fiscal stress at this time.
According to the Comptroller’s Office’s Fiscal Stress Monitoring System, Nassau received a fiscal stress score of 3.3 in 2024, earning the status of “No Designation.” That is down from a peak of 72.1 in 2018 and down from 9.6 in 2023. However, it was higher than it was in 2022, when the fiscal stress score was zero.
Over the past three-and-a-half years, Nassau County has earned seven bond upgrades from major Wall Street rating agencies, according to the Nassau County Comptroller’s Office. As of May 2025, S&P Global Ratings raised the county’s bond rating from AA- (positive) last year to AA (stable). The bond ratings from Moody’s Investor Service and Fitch Ratings both stayed the same from last year at “stable,” with ratings of Aa2 and AA, respectively.
These upgrades provide tangible benefits to taxpayers by lowering borrowing costs for key capital projects, including infrastructure improvements, parks, and public facilities, said Nassau County Comptroller Elaine Phillips.
“Under the fiscal oversight of my office, working closely with County Executive Bruce Blakeman, Nassau has maintained stable budgets, preserved reserves, and achieved a sustainable financial trajectory that benefits all residents,” Phillips said. “Our continued bond upgrades and solid fiscal foundation allow Nassau County to invest in critical services and infrastructure, while maintaining balanced budgets and avoiding property tax increases.”
But Legislator Seth Koslow (D-Merrick) said the county’s financial condition was “inherited” before they went on a spending spree at the expense of county residents.
“[Bruce] Blakeman and [Elaine] Phillips didn’t build Nassau’s stability; they inherited it, and then spent it like kids who found their parents’ credit card,” Koslow, who is running for county executive against Blakeman, and is a member of the legislature’s Finance Committee, said. “This administration burned through the financial cushion built by the previous county executive on sweetheart deals, no-bid contracts, and taxpayer-funded self-promotion. Now the tap is running dry, taxpayers are the ones left holding the bag — paying more while getting less.”