BUDGET & FINANCE COMMITTEE OF THE SUFFOLK COUNTY ...

Okay, turning to the agenda. Normally we would go to the public comments. I do have a few
cards, a few individuals that would like to address the Budget Committee this morning. I'm going
to ask your indulgence, because I would like to skip instead to the presentation section of the
agenda and the County Executive, Steve Bellone, who has joined us here today. Mr. County
Executive, thank you for joining the committee, we appreciate that. And his Budget Task Force is
here to present its report detailing the State of the County's finances.
So Mr. County Executive, if you would like to come up and introduce the committee, please go
ahead.
COUNTY EXECUTIVE BELLONE:
Mr. Chairman, I need to hold this button down?
MS. LOMORIELLO:
Yes, you do.
CHAIRMAN D'AMARO:
Even the County Executive has to hold the button.
(*Laughter*)
COUNTY EXECUTIVE BELLONE:
Not a problem at all. Good morning, Mr. Chairman, Members of the Budget Committee, Legislators.
Today is an important day for Suffolk County residents and businesses, because today they learn the
facts about the fiscal condition of our County.
I want to begin by thanking our Comptroller Joe Sawicki, our Treasurer Angie Carpenter who is not
here today, Legislative Budget Review Office led by Gail Vizzini, and the Executive Budget Office
headed by the Deputy County Executive for Finance, Fred Pollert. I want to thank them for working
together and providing the Budget Task Force with the data and information they need -- they
needed to complete their report.
I formed the Budget Task Force back on January 5th with the goal of providing Suffolk County
residents and businesses with a clear picture of the financial condition of our County. The scope of
the task force's work centered on Fiscal Years 2011, 2012 and 2013. Frankly, there has been so
much disagreement about the facts and the extent of the problem that it has overshadowed efforts
to find a solution. That is why I believe we owe a debt of gratitude to the members of this task
force, each of them municipal finance experts, for completing an independent evaluation of the State
of our County's finances. They volunteered countless hours in the best traditions of public service
and wanting this County to succeed. I am grateful for their service and want to acknowledge their
work and introduce them now.
First is our Chairman, Richard Halverson of Hampton Bays. He's a former Assistant Deputy Director
of the New York City Financial Control Board, and he served as Deputy Comptroller of the City of
New York. Also Michael Solomon is here today of Oceanside. He's the Managing Director in the
Public Finance Department at Ramirez & Co, one of the nation's oldest minority-owned investment
firms, investment banking firms in the nation. Mr. Solomon has over 25 years of experience
working with State and local governments in developing successful capital finance, debt
management, budget and credit rating strategies. Charles Stein of Coram who, by the way, came
back from Florida yesterday just to be here to make this presentation. He served as Suffolk County
Deputy County Executive for Finance and has over 40 years of financial management experience,
including serving as Vice-President of Business & Financial Affairs at Suffolk County Community
College.
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