Nassau County Comptroller Howard Weitzman released a 16-page report to provide taxpayers with a simplified, easy to follow look at the county's finances. The county comptroller said he would mail the report out to schools and reference libraries in the county so taxpayers can examine the state of the county's fiscal condition.

"It's the right of all county taxpayers to know how their tax dollars are being spent," said Weitzman.

The report examines the county revenues against its expenses during the 2007 fiscal year that ended on Dec. 31, 2007. Although Weitzman points out Nassau County received 13 bond upgrades from February 2003 to June 2008, he said the county continues to face fiscal challenges including $3.4 billion in post-employment health benefits for county employees and retirees, reflected in the 2007 balance sheet.

In 2007, the county received $2.5 billion in revenue, $762.5 million or 30 percent came from property taxes with the majority $1.01 billion or nearly 40 percent coming from sales tax.

The sales tax revenue generated in Nassau County of 8.625 percent on taxable items is divided between the county (4 percent), the state (4 percent), the MTA (0.375 percent) and cities and towns (0.25 percent). Incorporated villages do not get a share of sales tax revenue generated in the county.

The Nassau County Financial Condition Report included a page on property taxes, which have been identified as the number one program facing home and business owners.

In 2007, a total of $4.7 billion in property taxes was paid with residential homeowners paying 68 percent. Of all the money paid by taxpayers, 60.43 percent went to school districts. By comparison, 14.83 percent went to Nassau County's five major operating funds with an additional 2.79 percent to the Nassau Sewer and Stormwater District, 9.51 percent of taxes went to town special district, while 7.37 percent went to villages and 4.14 percent went to towns or cities.

As far as expenses go, the county spent $2.5 billion in its five major operating funds. Of those expenditures, 50 percent went for salaries and fringe benefits.

A major drain on the county has been property tax refunds or tax certiorari payments that go to property owners who successfully challenge their assessments. According to the financial condition report, in 2007, the county paid a total of $87 million, $12 million of which was borrowed. In addition, according to the report, as of the end of 2007, the county estimated its unpaid real property tax refunds at $101.8 million.

In matching the county's recurring expenses with its recurring revenues, the county's structural gap is $122 million, meaning the county had $122 million more in recurring expenses than it had in recurring revenues in 2007. The structural gap is the lowest it has been since 2001, when it was $143.4 million.

The report also included some census data that says since 2000, Nassau County's population has dropped approximately 2.1 percent from 1.335 million to 1.306 million.

As far as who is the number one employee on Long Island - it's local government, which employs close to 80,000 people.

Income numbers for Nassau County show that the per capita income, which is the average income generated in Nassau County, was $62,278, up from $47,446 in 2000.

Organizations or individuals who want copies of the report can download it directly from the Comptroller's website at: http://www.nassaucountyny.gov/agencies/Comptroller/index.html or email the comptroller at NCComptroller@nassaucountyny.gov or call the office at 571-2386. The comptroller's office will mail out individual copies of the report on request.