Collins Announces $44 Million Surplus in State of the County Address
March 11, 2010
During his annual State of the County address today, Erie County Executive Chris Collins announced that the County has ended 2009 with a $44 million surplus. This represents one of the largest single year surpluses in the history of Erie County. Not one penny of Federal stimulus dollars was use to balance the 2009 Budget. The stimulus dollars, aimed at Medicaid relief, were added to a multi million dollar operating surplus the County generated on its own. “That is not the story in other counties across New York State where they struggle with multi million dollar deficits, double digit tax increases and one-shot revenue enhancers,” said Collins. “Our success during these difficult economic times is a tribute to the hard work and dedication of our roughly 5,000 county employees, including my 25 commissioners and directors, who focus on best practices and the efficient delivery of services to county taxpayers.” Collins outlined how the $44 million surplus will be used to benefit taxpayers: •$4 million will be used to eliminate the debt in the County’s Road Fund. •$8 million will be used to pay an old pension obligation. The Collins’ administration will use surplus dollars to fully pay off this debt, eliminating four more years of principle and interest payments. •$18 million will be used to pay off old capital debt related to the Erie County Medical Center. This action will totally eliminate the County’s ECMC debt obligation this year, instead of dragging it out into 2011 and 2012. •$4 million will be dedicated to cover unanticipated principal and interest costs associated with our recently negotiated 2010 bond sale. •$10 million will be set aside to create a Property Tax Stabilization Fund to protect taxpayers. “Hardworking taxpayers will greatly benefit from our 2009 surplus of $44 million. This money belongs to the taxpayers of Erie County and they should know that it will not be spent on new programs or new jobs. It will, however, be used to protect taxpayers and to clean up Erie County’s balance sheet that was left in tatters by prior administrations.”
