In government there is often disagreement, which is good because it leads to an honest debate of the issues.  The legislature has approved the capital projects for 2012 and it is now time for the county executive and comptroller to fund the projects through a capital borrowing.  The big debate is who should borrow the money, the county or the control board?  The county executive wants the county to borrow the funds because he thinks it will help our credit rating.  However, I disagree.   The control board already has a better credit rating and can save taxpayers nearly $1 million by borrowing. 

The administration’s plan is also a gamble. The county executive believes that by entering the market again, the county will potentially achieve a higher bond rating. First, this is pure speculation.  Second, it raises a serious question: can the county ever surpass the control board’s rating? Based on bond agency’s requirements, reasonable thinking suggests that won’t happen in our lifetime.

The county’s deputy budget director testified before the Finance and Management Committee that this is the right time for the county to enter the market because $24 million is a small package, compared to previous years, and will only cost taxpayers $860,000 more. If only we were all in a position to view those figures as chump-change. I disagree that these figures are insignificant. To put it into perspective, $860,000 equals 154 years for tuition to the University at Buffalo; 30 new police cars; 72 new playgrounds for our parks; or 717 defibrillators to save lives.

Based on the administration’s reasoning, this isn’t the end but only the beginning. Borrowing this “small” amount won’t impress the bond rating agencies, we won’t jump the four grades that separate the county and control board. How many bond packages will the county have to borrow to achieve the rating the county executive is hoping for? How many millions of dollars will be wasted attempting to achieve something that might never be achieved? How will Fitch and Moody’s react when they see taxpayer dollars being wasted?

I don’t support gambling with or wasting taxpayer dollars. The sure bet is allowing the control board to borrow and take the guaranteed savings. It is important to note that the control board is here, by law, until 2039, and its outstanding debt will end in 2028.  This borrowing will not affect the life of the control board.   

The county executive has indicated he will go to market in July. Before then I will do what I can to instill in the county executive that this is not in the best interest of the taxpayers. The county executive has always been against the control board, dating back to his term as the comptroller. I simply don’t understand why he opposes this cost-saving option.

As I stated, in government we often disagree and sometimes we must agree to disagree.  This is not one of those times.  As someone who is entrusted with your representation, I will never agree to waste taxpayer dollars.