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Mark C. Poloncarz, Comptroller
10/30/09
POLONCARZ ISSUES
THIRD QUARTER FINANCIAL REPORT

Comptroller Provides Executive, Legislature and Control Board with Report on County's Finances for First Nine Months of 2009

Erie County Comptroller Mark C. Poloncarz today released a financial report for the third quarter of 2009 to the Erie County Executive, Legislature and the Erie County Fiscal Stability Authority ("ECFSA").

Poloncarz said, "I am pleased to provide to the public this financial report for the third quarter of 2009. I have always believed that it is essential that County policymakers and the public have access to the latest financial information on the Erie County, and even more so during these difficult economic times. This is the third such report I have issued this year providing detailed information on the County's financial status for the first nine months of 2009."

Among other issues, Poloncarz noted that without the Federal Medical Assistance Percentage ("FMAP") stimulus funds expected to total $42.85 million by year-end, the County 2009 budget would be in deficit and incurring negative variances. He also noted that through the end of August 2009, the County has experienced a year-to-date decline in sales tax revenues of 3.97% compared to 2008.

On a positive note, Poloncarz observed that since he took office, the County has significantly reduced its dependence on cash flow borrowing. In 2005, the County sold $160 million of Revenue Anticipation Notes ("RAN"). Earlier this month, at Poloncarz's request, the Erie County Fiscal Stability Authority sold a $65 million RAN for the County's 2009 cash needs. This reduction in cash flow borrowing reflects improved cash management and the reestablishment of fund balance which is a positive development for the County.

Finally, he remarked that as of September 30, 2009, pursuant to a 2009 Budget Resolution, there is no longer a deficit fund balance in the Road Fund.

The financial report provides detailed financial statements for the first nine months of 2009; an investment report detailing the County's investments; a monthly cash flow statement for 2009; a year-to-date property and sales tax summary; County debt schedules, including current long and short-term indebtedness and constitutional debt limit; and miscellaneous financial information including constitutional taxing authority and a history of the County's short-term borrowings since 1995. Please note that this report is not a budget monitoring report, which is the responsibility of the County Executive's Division of Budget, Management and Finance.

Poloncarz noted that the report is the twelfth (12) such quarterly financial report issued by his office since he became comptroller and it fulfills one of his campaign pledges to provide timely financial information and reporting to the Legislature and the taxpayers.

The report may be viewed in its entirety on the comptroller's website at http://www.erie.gov/comptroller/financial_statements.asp