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Monday, June 16, 2014
ENP STAFF REPORTS
news@eastniagarapost.com
Lockport Mayor Anne McCaffrey announced today that State Sen. George Maziarz and Assemblywoman Jane Corwin have agreed to sponsor emergency state legislation to address City deficits from the past three years.
The special legislation would grant the City authority to bond $5.4 million over a period of 10 years, with the City only having to pay interest payments in the first year.
Mayor McCaffrey spoke with representatives of the State Comptroller’s office Friday and it was recommended to her that this special legislation was a strong long-term option for the City to reduce these lingering deficits. McCaffrey stated that the Comptroller’s office pointed out that the City of Olean was approved for 4.3 million dollars of special deficit financing in 2007 by the State Legislature and it served as a mechanism for righting its fiscal ship.
As part of this special legislation, the City will be required to provide quarterly reports of expenditures and revenues to the State Comptroller’s office and Director of the NYS Division of Budget. Further, the City will be required to prepare and submit three years of fiscal plan to the Comptroller’s office.
The Common Council will hold a special meeting, Tuesday at 6pm, at which time a public hearing will be held and a vote considered on the formal home rule message request.
Following her meeting with the Comptroller’s office last Friday, Mayor McCaffrey worked with State Senator George Maziarz and Assemblywoman Corwin throughout the weekend on drafting the legislation. Mayor McCaffrey explained that since the State Legislative session is scheduled to end by the end of this week and that the State Legislature will likely not return to session before the end of the year, the home message from the City must be acted upon immediately, considering the dire fiscal condition of the City right now.
“I have pledged since taking over as Mayor that I am serious about putting the City of Lockport’s financial house back in order. We need a way to properly purge the deficits created in the past and this emergency deficit reducing bonding option provides the avenue to adequately address them in the long term,” McCaffrey said via a press release. “This special legislation will also hold the City accountable on future budgeting as there will be strict oversight by the State Comptroller and requirements of regular reporting and force us to continue examining all possible ways to efficiently operate our City in the most cost effective manner.”
Both Maziarz and Corwin expect their colleagues in the state Legislature to support their efforts.
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| Lockport Mayor Anne McCaffrey |
The special legislation would grant the City authority to bond $5.4 million over a period of 10 years, with the City only having to pay interest payments in the first year.
Mayor McCaffrey spoke with representatives of the State Comptroller’s office Friday and it was recommended to her that this special legislation was a strong long-term option for the City to reduce these lingering deficits. McCaffrey stated that the Comptroller’s office pointed out that the City of Olean was approved for 4.3 million dollars of special deficit financing in 2007 by the State Legislature and it served as a mechanism for righting its fiscal ship.
As part of this special legislation, the City will be required to provide quarterly reports of expenditures and revenues to the State Comptroller’s office and Director of the NYS Division of Budget. Further, the City will be required to prepare and submit three years of fiscal plan to the Comptroller’s office.
The Common Council will hold a special meeting, Tuesday at 6pm, at which time a public hearing will be held and a vote considered on the formal home rule message request.
Following her meeting with the Comptroller’s office last Friday, Mayor McCaffrey worked with State Senator George Maziarz and Assemblywoman Corwin throughout the weekend on drafting the legislation. Mayor McCaffrey explained that since the State Legislative session is scheduled to end by the end of this week and that the State Legislature will likely not return to session before the end of the year, the home message from the City must be acted upon immediately, considering the dire fiscal condition of the City right now.
“I have pledged since taking over as Mayor that I am serious about putting the City of Lockport’s financial house back in order. We need a way to properly purge the deficits created in the past and this emergency deficit reducing bonding option provides the avenue to adequately address them in the long term,” McCaffrey said via a press release. “This special legislation will also hold the City accountable on future budgeting as there will be strict oversight by the State Comptroller and requirements of regular reporting and force us to continue examining all possible ways to efficiently operate our City in the most cost effective manner.”
Both Maziarz and Corwin expect their colleagues in the state Legislature to support their efforts.
Click here for all the details.
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