Tag: deficit

NIFA consultants: NuHealth deficit could hit $197 million in ’21

The public benefit corporation that runs Nassau University Medical Center could run a deficit of up to $197 million next year without significant outside subsidies, and must change the way it does business in order to survive, a consultant for the hospital’s financial control board has found.

NuHealth, which runs Nassau University Medical Center in East Meadow, faces large annual deficits for the foreseeable future, and “cannot continue operating as it currently does and expect to grow its way out of its financial problems,” consultant Alvarez & Marsal, of Manhattan, said in a 38-page report.

The report, commissioned by the Nassau Interim Finance Authority, a state board that controls NuHealth’s finances, said NuHealth faces an operating loss of $112 million to $197 million in 2021.

“Sometimes you find a place that has been so undermanaged, that when you do a productivity report, you are able to close the gap. In

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Plan released to cover part of projected $2 billion deficit

HARTFORD, Conn. (AP) — Facing at least a $2 billion budget shortfall that’s largely due to the COVID-19 pandemic, Gov. Ned Lamont and his budget office on Thursday released a partial deficit mitigation plan that relies on budget reserves, spending cuts across state agencies, hiring restrictions and the hope that Connecticut’s economy will continue improving.

Melissa McCaw, the Democratic governor’s budget director, said the $200 million plan unveiled Thursday is “only a start.” Connecticut’s fiscal year ends on June 30, 2021, and she said taking steps such as cutting $25.3 million from state government agencies and paring both the legislative and judicial budgets now could ultimately minimize how much of the state’s roughly $3 billion budget reserve account will ultimately be needed to balance the books.

Lamont’s plan also relies on about $100 million in federal funds to cover the cost of some public health and safety personnel who

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