Friday, August 30, 2019

Statement from Broome County Legislature Chairman Daniel J. Reynolds on Jason Garnar's misleading comments regarding the County's financial condition

(Binghamton, NY) - "Unfortunately, the County Executive continues to make misleading public comments regarding the County's financial condition," said Chairman Dan J. Reynolds. "For anyone to imply that the County was nearing bankruptcy in 2016 shows a clear lack of understanding of Government finance. At the end of 2016, far from these bankruptcy claims:

  • Broome County has an average daily amount of $80 to $90 Million in cash on-hand at any given time.
  • Broome County had over $540 Million available in borrowing power.
  • Broome County government owned nearly 1/2 billion dollars in assets.
  • Broome County departments had over $10 million in unrestricted funds that could have been accessed in an emergency.
The fact is that the Legislature restored the Fair Share 50/50 sales tax revenue split to our partner municipalities, over the objections of the then incoming County Executive, as part of the normal budget process. The County Executive's recent politically motivated comments are reckless and damaging to the County's overall fiscal health and potential economic development possibilities. The residents of Broome County deserve better."

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