Governor Approves Rockland County Deficit Financing Act

 New City, NY  (November 13, 2013) – Rockland County Legislature Chairwoman Harriet Cornell, Vice Chairman Alden H. Wolfe and Legislator Michael Grant, Chairman of the Budget & Finance Committee said that the approval by Governor Cuomo of the county’s Deficit Financing Act is a major factor in the county’s plan to improve its financial condition.  They expressed their appreciation to the Governor and their state legislators.

The approval allows the county to borrow $96 million to pay down its deficit, which will be repaid incrementally over the next ten years.  As a condition of the plan, county budgetary issues will be subject to review by the State Comptroller’s Office.

“We took action to stabilize finances and presented a strong plan for continued improvement,” said Chairwoman Cornell.  “We are pleased that the plan passed the analytical review by the Governor and his staff.  The Budget & Finance Committee under the leadership of Chairman Michael Grant and past-Chairman Ilan Schoenberger worked conscientiously to prepare a practical recovery plan.” 

The County has cut staffing to the lowest level in 30 years, negotiated union contracts that include salary freezes, deferred pay and increased contribution for health insurance; created a Local Development Corporation to sell the Summit Park Nursing Care Center, and raised revenues by increasing the county property tax and creating a residential energy tax and hotel/motel tax.

 “We have had to make very difficult budgeting decisions,” said Legislator Grant. “The creation of a local development corporation to divest of the Summit Park Nursing Care Center was one of the most difficult decisions that I have had to make, however I do feel that decision and the support of our deficit reduction plan by our state representatives had bearing on the Governor Cuomo’s willingness to approve our request to bond our debt.” 

Chairwoman Cornell, along with an assemblage of legislators and representatives of the Executive branch, made numerous trips to Albany seeking necessary approval for a deficit bond from the State Legislature and Governor Cuomo. “We thank Governor Cuomo and our state representatives for this support,” said Cornell.

Legislator Alden H. Wolfe, Vice Chairman of the Legislature said, “I thank Governor Cuomo for his action to approve our deficit reduction plan.  I am confident that he recognized that our actions to address the county’s financial stability through staffing cuts, long term financial planning and the sale of our nursing home, while maintaining the integrity of the programs and services that are essential to the people of Rockland County, are proof that we have a solid plan for recovery.”

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