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Chairman requests County Executive utilize Control Board to save money on borrowing


OFFICE HIGHLIGHTS

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oneilj - Posted on 05 August 2014

Erie County Legislature Chairman John J. Mills sent a letter to County Executive Mark Poloncarz strongly urging him to issue the Declaration of Need to allow the county to borrow its annual Revenue Anticipation Note (RAN) through the Erie County Fiscal Stability Authority (Control Board) at a lower cost to taxpayers. Without a Declaration of Need, the county will be confined to borrowing through the Comptroller’s Office, which has historically been the more costly option.

 

“The County Executive has a responsibility to each and every taxpayer to issue the Declaration of Need to allow the county to potentially save more than a $1 million by borrowing through the Control Board. Without taking this step, the County Executive limits the county to one choice. which has been the more expensive option in the past,” said Chairman Mills. “The Legislature has a special session scheduled for Thursday, Aug. 7 to address other needs within the county and I strongly urge the County Executive to respond quickly to this request and submit the Declaration of Need to be included at that special session. This will allow the county to borrow through the control board and take advantage of significant savings.”

 

The letter is supported by Majority Leader Joseph Lorigo and Legislators Lynne Dixon, Kevin Hardwick, Ted Morton and Edward Rath.

 

At its last session, held Thursday, July 24, the Legislature approved the RAN to allow the county to bond up to $110 million. The county can either borrow on its own through the Comptroller’s Office or issue a Declaration of Need allowing the Control Board to borrow. It is estimated that the Control Board can save $800,000-$1.1 million over the life of the bond. At its June 26 session, the Legislature unanimously approved a resolution requesting the Declaration of Need be submitted. The County Executive failed to issue a Declaration of Need, which requires Legislature approval, prior to the final regular session before recess.