This past week two crucial events took place that should help put Nassau County's fiscal condition back on track. First, Charles O'Shea, the county's Board of Assessors chairman, publicly supported something that myself and the other Democratic legislators have been urging for years...reassessment. It was satisfying to see that a hearing the legislature held just last month on reassessment brought the issue to the forefront, showing both Mr. O'Shea and the county executive that a system based on 1938 construction costs is no longer acceptable. Preceding that hearing was a pledge that every Democratic legislator signed, asserting that they were committed to finding a fair and equitable solution to the county's outdated tax procedures. I believe, as do financial experts on Wall Street, that true fiscal recovery cannot begin to take place unless we modernize the county's antiquated reassessment system. The county has had to borrow nearly $1 billion over the past ten years to pay for tax suits brought against the county because of unfair assessments.

The City of Long Beach is a perfect example of what kind of benefits reassessment can bring. When the city reassessed every parcel of land in 1992, the amount of tax certioraris it paid out went from over $1 million a year to $59,000. Some homeowners' taxes went down and others rose slightly, but in the end everyone benefited because their government was able to spend more money on things that really matter to their residents.

We all know that reassessment cannot and will not happen overnight. I guarantee that neither I, nor any other Democratic legislator will vote in favor of a new system that places an unfair tax burden on our residents.

The second event that will help deliver the county back to fiscal health is the move toward a fiscal oversight board. With the county's bond rating hovering only one notch above junk status, it is clear that the time to act is now. The county executive believes we can solve this problem on our own. But if last year's budget, which was filled with unrealistic goals and non-recurring revenue sources, is any indicator, then an oversight board is most certainly warranted to return this county back to the fiscal prosperity it deserves.

I expect the State Assembly to pass legislation for an oversight board over the next two weeks, and I strongly urge members of the State Senate to follow suit. Nassau residents balance their checkbooks year after year; there's no reason this county can't do the same.