As your County Executive, my top job and priority is to make decisions that are in the best long term interest of this community.  That is why I look ahead 50 years from now when making decisions.  For too long, leaders in this community have been concerned about the short term.  As a result, our county’s future is at risk because we have accepted band-aid fixes instead of real solutions.

Making decisions with a 50 year view is why I will not allow the Erie County Fiscal Stability Authority (Control Board) to borrow money (sell bonds) on behalf of Erie County. 

For years, Erie County leaders went to Wall Street to borrow money to pay for infrastructure improvements and other necessary projects throughout our county.  Since the Erie County Fiscal Stability Authority became ‘hard’, the County has been unable to borrow without the Authority’s permission.  Against the wishes of local elected officials, the Authority refuses to let Erie County borrow and has insisted that it borrow on behalf of the County.  Conversely, the Authority can not borrow unless I ask them to do so. 

Allowing the Authority to borrow money for Erie County is not in the best long term interest of this community and our hardworking taxpayers.  If the Authority borrows – even one time - it will then exist, in some form or fashion, for the life of the 30 year bond.  This fact has been acknowledged by the Authority’s own lawyers.  Why would this community want to saddle ourselves with the stigma of a Control Board for 30 years?  Furthermore, the Authority currently costs taxpayers $600,000 a year in operational expenses.

Yet the Authority insists it should borrow because it can save the County money.  It is true that the Authority does have a better credit rating than Erie County and can borrow at a lower rate.  But are those savings worth it?  According to Erie County’s outside financial advisors, the Authority will be able to save the County less than $50,000 a year over the life of the 30 year bond.  Saving $50,000 a year does not outweigh the stigma of having a Control Board for three decades at the cost of several hundred thousands of dollars a year. 

It is important to note that the City of Buffalo Control Board, faced with the same issue, unanimously voted last week to allow Buffalo to sell their own bonds on Wall Street. 

This debate should not be about politics or personalities, but about the numbers.  As you can clearly see, the numbers present a bad deal for county taxpayers and it is a deal I refuse to accept.  Sadly, this impasse prevents needed capital projects from moving forward as our infrastructure continues to crumble.  I hope the Authority will do what is right for the taxpayers of this community and allow Erie County to borrow.  This is the right decision for today and 50 years from today.