Control Board Accepts Collins’ Financial Plan, Goes Advisory

 June 2, 2009

The Erie County Fiscal Stability Authority (Control Board) accepted today a newly revised Four-Year Financial Plan prepared by the Collins’ administration, and as a result, has reverted to advisory status.  The Control Board has been in control status – or a hard board – since November of 2006.  The acceptance of Collins’ new financial plan allowed for the move back to advisory status – or a soft board.

“I am very pleased that a year and a half into my administration, my team was capable of demonstrating to the Control Board our firm understanding and proper management of county finances,” said Erie County Executive Chris Collins.  “The County’s financial health and respect for hard-earned tax dollars remains the number one priority of my administration.  Despite the weak national economy and increasing cost-shifting from Albany, Erie County is in strong financial shape.  Our plan was also realistic and included several possible fiscal obstacles in the out years.”

Erie County has come a long way financially since the ‘red/green’ budget meltdown of 2004 and 2005.  The County has finished the last four years with a surplus, including a $13 million surplus for 2008.  In addition, the County’s credit rating continues to improve.  In February of this year, Erie County received a two-step upgrade to its credit rating from Fitch Ratings.  The agency also labeled the County’s financial outlook as ‘stable.’

Last month, the County Executive and Control Board reached a successful capital borrowing compromise, allowing dozens of critical and long stalled infrastructure projects to move forward.  In May, the Control Board also agreed to fully fund the administration’s Six Sigma and Space Utilization initiatives through 2010 using state efficiency grant dollars.  

“My administration will continue to work toward even greater financial strength for Erie County and provide residents with the most value for their tax dollars,” said Collins.  “I know Control Board members share those same goals, and I look forward to working with them in an advisory capacity to achieve them.”