When he first took office as Erie County Comptroller nearly ten years ago, he faced the task of watching finances of a government that had gained notoriety for its "red budget, green budget" finances. Now the Erie County Executive, Mark Poloncarz is celebrating the county's A+ grading by a prominent financial institution.
He announced late Wednesday that Fitch Ratings has upgraded Erie County's bond status. Fitch is one of three agencies which are designated by the federal government to rate public bonds (the others are Moody's and Standard & Poor). Poloncarz sees Fitch's upgrade as a restoration of the county's reputation on Wall Street.
"We've come a long way in ten years," he said to WBFO. "It took a lot of hard work to get there. The one thing I'm very proud of is the way my administration has been able to maintain county finances and insure that they are strong. Fitch noted that. They noted the strong management and fiscal discipline of this administration. They also noted the incredible turnaround of our economy."
The government's bond rating works like a private consumer's credit rating. Poloncarz says the higher rating saves taxpayer money by lowering interest rates when the county goes into the bond market.
As Comptroller, Poloncarz often times clashed with then County Executives Joel Giambra and later Chris Collins. While current Comptroller Stefan Mychajliw and Poloncarz haven't always seen eye-to-eye on issues, the County Executive says their departments have generally worked well together and have an agreement that reflects in the county's daily business dealings. It's part of what impressed Fitch.
"I think it sends a good message to Wall Street and to Fitch that the parties in county government that deal with the finances are working together, to ensure that our budgets are balanced and, at the end of the day, we can provide the services that the public needs," Poloncarz said.
