As promised, Nassau County Executive Ed Mangano has filed a lawsuit challenging the legality of the NIFA takeover of the county’s finances last week, arguing the state board is mistaken in its assessment that his 2011 budget will incur a deficit of more than 1 percent.

A deficit of that size is one of the so-called “triggers” that would enable the NIFA to impose a control period of the county. Mangano insists the county’s books won’t be reconciled until the end of FY 2011 next December and therefore the board’s move was premature.

Nassau County Verified Petition[1]

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