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Good news on Tax Day: Erie County's long-term debt reduced by $98 million since 2012

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Tue, Apr 16th 2019 12:50 pm

County’s long-term debt burden stood at $416 million in January 2012, reduced to $318 million by end of 2018; reduction of nearly 25% in seven years

The Erie County Division of Budget and Management announced Erie County’s long-term debt burden has been reduced by close to $100 million since Jan. 1, 2012, a decrease of nearly 25% in the seven years since Erie County Executive Mark C. Poloncarz took office. On Dec. 31, 2011 Erie County’s long-term debt burden was $416,691,804, but that figure had been reduced by $98 million, to $318,235,000, by Dec. 31, 2018. Long-term debt is incurred when the county borrows funds to conduct infrastructure projects such as road and bridge repair, as well as improvements to or purchase of buildings, IT and other long-term needs.

“I'm proud of my record of ending every year with a balanced county budget, cutting the county’s real property tax rate to the lowest it has been in two decades, and reducing the county's long-term debt burden by nearly $100 million over seven years. At the same time that we have been reducing that debt, my administration has been investing heavily in infrastructure projects around Erie County,” Poloncarz said. “While the federal debt and deficit have been exploding, here in Erie County my administration’s prudent budgeting and tight fiscal stewardship are lessening our debt burden and moving Erie County in the right direction, as the steady decline in our long-term debt obligation shows. I was your taxpayer watchdog as comptroller and still am as your executive.”

For more information on the Erie County Division of Budget and Management, visit http://www2.erie.gov/budget/.

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