Rockland Receives Green Light To Finance Its Deficit

Nov 14, 2013

Credit Wiki Commons

In New York, elected officials in Rockland County say they are thankful that Governor Andrew Cuomo has signed a county financing measure.

Governor Cuomo signed Rockland County’s Deficit Financing Act, which allows the county to borrow up to $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. Rockland County Legislature Chairwoman Harriet Cornell, Vice Chairman Alden Wolfe and Legislator Michael Grant, who is chairman of the county’s Budget and Finance Committee, said the act allowing the county to issue bonds is a major factor in the county’s plan to improve its financial condition. David Carlucci, an Independent Democrat who represents a large portion of Rockland, sponsored the legislation in the state Senate. Democrat Ellen Jaffee sponsored the legislation in the Assembly.