Why does the fiscally repressive County GOP want to borrow money for a project that is fully funded?
I got my morning does of confusion today - this time via a D&C article that tried to explain a rife between Democrats and Republicans with regards to a County Legislature Committee proposal.
See, there is an important project - stabilizing the Irondequoit Creek stream bank in Powder Mills Park and Ellison Park. Sounds important. Trouble is it costs money. Well - not to fear the State has provided a grant for the cost $250,000. Problem solved right? Whoa - not so fast, turns out the fiscally repressive Republican Majority want to borrow the money to pay for this project. Hence the rift and my confusion. The fiscally responsible Democrats said no and via the magic of a party line vote - the GOP got its way.
Monroe County Legislature Republicans on Friday criticized the Democratic minority for not voting in favor of borrowing funds for an environmental project.
[snip]
Democrats maintain that authorizing borrowing for projects that will be funded with grants is not necessary, and have suggested that such a practice hurts the county’s credit rating, though the Brooks administration refutes that.
In correspondence with the Republican leadership, Legislator Paul Haney, D-Rochester, sent legislation from other New York counties that show they authorized borrowing for projects only for the county’s share of the cost.
So this begs the question - if we borrow money that we don’t need - what will it be used for?
A statement from Democratic Caucus is below the fold.
This via a County Legislature Press Release -
Democratic Leader Harry Bronson (D-Rochester, Brighton & Henrietta) said, “Democrats in this County are opposed to the borrow and spend approach repeatedly used by this County Administration and the Republican majority. The Majority Leader should recognize that within the stream bank stabilization proposal, the Administration is asking for authorization to borrow the funds for this project—despite the fact that it is 100% funded through a State grant. Democrats have consistently expressed their opposition to authorize bonding for projects fully funded by state grant monies. This is a fiscal policy issue. Borrowing for each and every project ends up forcing tax payers to pay more for interest at a higher rate.”
“The votes of our members were against further unneeded borrowing. As many residents know, Monroe County recently had its credit downgraded—which means Monroe has the lowest credit rating of any County in all of New York. It is in part due to unneeded borrowing that the County’s credit rating has fallen so far. This community desperately needs real leadership that is will to break from the Republican approach of borrowing and spending to help restore fiscal accountability,” Bronson added.
Related posts:
- Turns out RenSquare ISN’T fully funded - GOP redirects the money.
- Breaking News - RenSquare now fully funded, gets green light
- Monroe County may pay more for Loans - Our credit rating is downgraded
- More D&C Editorial page nonsense - Sorry guys the Midtown Plaza project does not equal Maggie’s unF.A.I.R. plan
- Oops -
Maggie’s Fast FerryRenSquare isn’t funded
Hey, the materials that Robutrad workers need to build ramps, pour sidewalks, and install hot-tubs don’t pay for themselves. You’ve got to get the money *somewhere*.
[...] Dems. Seems the GOP wants to borrow money to cover a grant that is coming from the State. Borrow money for a grant that has already been awarded. WTF? OH - it is the fiscally irresponsible [...]