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Poloncarz to use control board for short-term borrowing

Poloncarz headshot.jpg

The Poloncarz administration will use the Erie County Fiscal Stability Authority for its next short-term borrowing.

County Executive Mark Poloncarz announced Friday the control board is able to borrow at a lower rate than if the county did so itself. He said the savings will amount to $50,000.

Some in county government are shying away from control board borrowing because that extends the life of the board for the lifetime of the loan. While that's true for long-term borrowing, Poloncarz said in this case, the control board is borrowing money that will be repaid in less than a year. He said the borrowing won't exceed $75 million.

Short-term borrowing is a standard procedure so that the county can pay its bills until property tax revenue begins arriving.

Poloncarz has issued a Declaration of Need for the borrowing that will go before the County Legislature next Thursday.