The Erie County Legislature has unanimously approved a resolution requesting that the County Executive ensure Erie County is borrowing at the cheapest rate possible. The Legislature approved Majority Leader Joseph Lorigo’s resolution at the June 11, 2015 session requesting that the County Executive issue a Declaration of Need, which is necessary in order for the Erie County Fiscal Stability Authority (ECFSA) to borrow the 2015 Revenue Anticipation Note (RAN).
Historically, the ECFSA has been the fiscally responsible option. The alternative is to borrow through the County Comptroller’s Office, which has had a lower bond rating than the ECSFA and therefore is not able to save as much on interest as the ECFSA.
Majority Leader Lorigo requests that the county borrow through whichever method is the best option for taxpayers.
“We go through this every year. When it comes to borrowing, Erie County has two options, the ECFSA or itself. We must choose the cheaper method and save taxpayers money. The County Executive ultimately decides which option to choose and we are encouraging him to issue the Declaration of Need because without it we can’t borrow through the ECFSA, even if it is the best option,” said Majority Leader Lorigo.