By James L. Higginbotham & Robert W. Spaeth
There has been a series of unfortunate events that have happened lately, which strongly impact the long-term financial well-being our county. Yet, it is unsettling to realize that many of the county’s residents are unaware of them. This series of events began with a comprehensive financial audit that was presented by Burton & Associates to the Nassau County Board of County Commissioners in July 2015.
Citizens for a Better Nassau CropTo understand the importance of this audit, we need to review some events of the past and the financial vulnerabilities our county. The current financial state of the county was principally caused by the economic downturn between 2008 and 2013, as we ended up with county property assessments – the value of all property in the county – decreasing by about $2 billion, which resulted in approximately $13 million less revenue from ad valorem taxes to fund government services.