Residents of Nassau County received more good news when Fitch, a bond rating agency, removed the county from its Rating Negative Credit Watch and affirmed its 'BBB' rating on the county's outstanding general obligation bonds.

The news comes on the heels of the Comptroller's Office releasing its final fiscal report for fiscal year 2000 showing a $48.3 million county operating budget surplus. The Fitch report is the latest indication the county's financial difficulties are behind us, so long as we strictly monitor our budget and adhere to our adopted four-year fiscal plan. Our goal will continue to be reducing the size of government, by making it more efficient and cost effective in delivering the best possible services to our residents.

According to the Comptroller's Report, Nassau County ended the 2000 fiscal year with a $48.3 million operating surplus, and cumulative 1999-2000 surpluses of $76.1 million. Our priorities of debt restructuring, civilianization of certain police operations and conservative budgetary practices are proving successful.

The comptroller's report is the latest indicator demonstrating a positive trend in the county's finances. Today, the county's portion of an average resident's real property tax bill is 19 percent. This figure is down dramatically from 25.1 percent in 1992. A major contributor to these developments has been the shrinking size of government. Since 1987, excluding the community college which functions independently, the county has cut the number of employees it has by 48 percent, cutting costs dramatically.

Tight fiscal management and our efforts to continually reduce the size of government by making it leaner, but stronger, without compromising the quality of government services our residents have come to expect, are putting the county in a stronger fiscal position.

The comptrollers fiscal report and the county's improving fiscal condition come on the heels of many other positive developments that occurred in 2000. For instance, the county's unemployment rate was last reported at 2.3 percent. This is 1.9 points lower than the national rate of 4.2 percent, 2.2 points lower than the state rate and second only to one other county out of 62 counties in the state.

Nassau's strong economy has had a profound effect on its real estate market. According to the Long Island Board of Realtors, the median price of a home in Nassau County increased 46 percent in just the last three years, proving that purchasing a home in Nassau County was both a wise financial and personal investment. Another strong indicator for Nassau's economy is the commercial vacancy rate. According to the Commercial-Industrial Brokers Society of Long Island, the vacancy rate in Nassau County is now under 4 percent, a 10-year low for the county.

In a recent survey that appeared in Forbes Magazine, Nassau County and Long Island were rated as among the best places to start a business. With Nassau's crime rate at its lowest level in 25 years, a highly skilled workforce, access to world-class research facilities, some of the finest schools in the nation, and the extensive support structure provided in Nassau, it is no coincidence that so many businesses choose to make Nassau their home, nor is it a surprise that Money.com recently ranked Nassau County as one of the top areas in the nation in which to live.