In the second move of its kind this year and the fourth in two years, the County Legislature unanimously voted to borrow $60 million to pay its bills, ensuring it is not delinquent in its obligatory payments but racking up more future debt to be paid down.
The $60 million in loans come after a March resolution where the legislature approved borrowing $45 million. The current $60 million figure is expected to boost the county’s deficit upward from estimates of up to $115 million.
This is not the first year the legislature voted for large loans as stop gap measures against county expenses. Last year, the legislature approved the borrowing of $35 million and $30 million at two separate points.
The resolution comes as the state evaluates the county’s request for home-rule legislation allowing it to borrow $96 million to control shortfalls and expedite its debt repayment process. In exchange, the state will have oversight over County budgetary matters and must receive and make legally-binding recommendations to a draft budget submitted by the County Executive each year. Currently, the legislation has passed both the State Assembly and Senate
Join the official YWN WhatsApp status
